Caltex: Transformation to an integrated value chain delivers solid operating result
Published by Angharad Lock,
Digital Assistant Editor
Hydrocarbon Engineering,
Caltex Australia ASX has announced that it has made for 1H15 HCOP net profit after tax of $375 million. On a replacement cost of sales operating profit (RCOP) basis, an after tax profit of $251 million for 1H15 was made. 1H14 saw RCOP basis after tax profit of $173 million.
The company saw strong progress in transforming its business model to an integrated fuels supply chain business as it maintained position as a leader in transport fuels.
Regarding Supply and Marketing, an EBIT of $264 million was made, which included direct shipping and demurrage costs of $20 million incurred in support of Lytton major maintenance programme.
Total sales volumes of transport fuels for the 1H15 were 7.7 billion l, 4.4% lower than in the same period of 2014 (8.1 billion l), reflecting the timing impact of a major diesel supply contract loss, without the full benefit in the first half of a new larger long term diesel supply contract.
In addition, total diesel volumes declined to 3.5 billion l (5.2%). This was driven by lower spot volume marine diesel sales in Western Australia compared to prior year and reduced diesel requirements as a number of LNG projects near completion.
The Board declared an interim fully franked dividend of 47.0 cps for 1H15, in line with the dividend pay-out ratio of 40% to 60%.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/refining/24082015/caltex-transformation-to-an-integrated-value-chain-delivers-solid-operating-result-1290/
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