Caltex Australia
(ASX:CTX) has reported results in line with guidance lifting half year net profit by 1 per cent. Revenue was up by 11 per cent to $12.7 billion and Caltex declared an interim dividend of 20 cents per share fully franked.
The group also announced another 350 job losses on top of the closure of its Kurnell refinery as it reviews costs in its operations and support divisions.
The restructure will add around $130 million to $155 million to the second half result but is expected to deliver cost benefits of about $100 million a year before tax once it is completed.
The company is working hard to reduce inventory and says that its conversion of the Kurnell refinery to a import terminal is on time and on budget.
Caltex Australia reported a net profit of $529 million for the full year to 31 December 2013.
