Profits up, supply down for Australian petrol giant Caltex

Australian petroleum giant Caltex reported their full year results on Tuesday, with a full year historic profit after tax of 610 million Australian dollars (468.82 U.S. million), up from 522 million Australian dollars in the previous year.

Caltex was, however, down on replacement cost operating profit, or the profits after replacing inventory sold, which was 524 million Australian dollars, down from the 2015 full year result of 628 million Australian dollars.

The petrol giant also had its struggles with supply volume, with the company posting a 2 percent decrease in total petrol volume to 5.9 billion litres, which it attributes to general market decline and a renewed focus on premium fuel options, while their diesel volumes were also flat at 7.2 billion litres.

There were bright spots in the results, with the company improving its net debt position over the year to 454 million Australian dollars, down from 693 million Australian dollars in June. But Caltex reiterated that two transactions which will be debt-reliant, their purchases of Milemaker and Gull New Zealand, will be funded through the accruance of debt.

Caltex will pay a fully franked dividend of 1.02 Australian dollars per share, down from the 1.17 Australian dollars paid last year. Endit