Caltex Australia Limited
(ASX:CTX) has had a bumper first quarter, with net profit soaring to $190 million compared to $106 million for the same period a year ago.
The oil refiner and distributor says profit was boosted by inventory gains of $46 million, up from $37 million in the same quarter last year.
Caltex says it will close its Kurnell refinery, which will become an import and distribution centre of refined oil product.
The company is reaping the rewards of stronger sales of higher margin petroleum products.
Caltex is also benefitting from a turnaround in the performance of its refining and supply unit, which posted a profit before interest and tax of $43 million in the March quarter, a turnaround from a loss of $60 million in the same quarter last year.
Caltex generated a net profit of $57.6 million for its 2012 financial year.
