By Ross Kelly
SYDNEY--Caltex Australia Ltd. (CTX.AU) Monday booked a 74%
increase in first-half net profit due to robust demand in Australia
for transport fuels and a better performance from its two oil
refineries.
Australia's biggest oil refiner, 50%-owned by Chevron Corp.
(CVX), said net profit in the six months to June 30 rose to 197
million Australian dollars (US$205.2 million) from A$113 million a
year earlier, on a replacement-cost-of-sales basis--a
closely-watched measure that excludes the value of its
stockpiles.
The figure was in line with guidance of A$185 million-A$205
million.
Profit on a historic cost basis, which includes the value of
stockpiles, fell 38% to A$167 million.
in July, Caltex decided to close its Kurnell refinery in Sydney
by the end of 2014, in response to depressed regional refiner
margins. It decided to keep its Lytton refinery in Brisbane
open.
The company kept its interim dividend unchanged at 17 cents a
share.
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692;
Ross.Kelly@dowjones.com
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