Petroleum products distributor Caltex Australia Ltd
(ASX:CTX) says it remains cautious in its outlook for the second half of the year and says refiner margins are likely to remain under pressure.
For the first quarter the company posted profit after tax of $130 million, compared to $98 million for the same quarter in 2009.
Caltex, which is 50% owned by US giant Chevron, says jet fuels remained strong, and non-fuel income and specialties, lubricants and premium petrol volumes grew relative to 2009.
Marketing volumes were in line with the first quarter of 2009 rising around 2.8% to 3.6 billion litres.
The company says while the short term outlook for Caltex is challenging because of depressed demand globally and growth in global refining capacity, the medium to long-term outlook for the company remains positive.
In other news Caltex says it is considering its response to the Australian Competition and Consumer Commission’s decision to reject its Mobil acquisition and will update the market soon.
Caltex Australia’s 2009 profit was $314 million.
