Caltex Australia Ltd. (CTX.AU) Thursday said its first-quarter operating profit before accounting for changes in its fuel stocks fell 10%, and signaled it may keep one of its loss-making refineries open following a review of operations.

In a statement ahead of its annual general meeting, the company reported a replacement cost of sales profit after tax totaling A$69 million, compared to A$77 million for the same quarter in 2011.

"Refining has continued to lose money during the first quarter, with Kurnell representing the majority of the losses in 2011 and 2012 to date," Chief Executive Julian Segal said. "This is expected to continue into the future."

Caltex Australia said its refinery review, due to be completed in the third quarter, will now focus on the Kurnell operation in Sydney, with management looking at ways to keep its Lytton facility near Brisbane viable.

-By Rhiannon Hoyle, Dow Jones Newswires; 61-2-8272-4625; rhiannon.hoyle@dowjones.com

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