Caltex Australia Limited
(ASX:CTX) says lower oil prices have hit refiner margins hard resulting a big drop in March quarter earnings.
The petrol giant reported margins were down to US$10.65 a barrel compared with US$15.65 per barrel the previous year.
Sales volumes were up around 2 per cent but the lower margins saw profit dip to $114 million compared to $178 million a year earlier.
Caltex reported a net profit of $522.6 million to the end of December 2015.
