Oil refiner Caltex Australia Ltd
(ASX:CTX) has posted a profit of $203 million on a replacement cost of sales operating profit basis for 2009.
The full year result includes $121 million in asset writedowns and redundancy payments. Excluding these items, operating profit was $324 million.
Improved refiner reliability saw transport fuel production reach 10.2 billion litres, compared with 9.8 billion litres for 2008.
Looking ahead, the company says conditions will be challenging due to declines in global demand and global refiner margins remaining under pressure.
Caltex reported an annual profit of $34.26 million for 2008.
