Caltex net profit dips 12% to $558 million

Company News

by Rachael Jones

Caltex (ASX:CTX) today announced their financial results for the 12 months ending 31 December 2018 showing their Replacement Cost Operating Profit NPAT result of $558 million is down 12 per cent on last year.

Caltex also announced an off-market buy-back of approximately $260 million, expected to complete in 2Q 2019.
The buyback comes after they decided against a sale and leaseback transaction for a $300 million-$500 million portfolio of retail sites.

Earnings before interest and tax from the fuels & infrastructure business were $570 million, in line with guidance.
EBIT in the convenience retail business was $307 million, just ahead of the guidance range.

The Lytton refinery in Brisbane's EBIT was impacted by external margin and an unexpected plant outage to $161m down 51 per cent year on year.

There is a final dividend of 61.0 cents per share, fully franked, declared, representing a 61 per cent payout ratio for the half year and a 55 per cent payout ratio for the full year.

Shares in Caltex (ASX:CTX) are trading 4.02 per cent higher to $28.72.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.