Caltex Australia (ASX:CTX) Profit Jumped on Wider Refiner Margin

Sydney, Aug 28, 2009 AEST (ABN Newswire) - Caltex has posted a 52 per cent rise in first half net profit to A$298 million on a replacement cost basis (RCOP), which excludes the impact of the rise or fall in oil prices, up from A$196 million in the prior corresponding period. This is above the guidance, due to wider refiner margins and A$55 million of realised foreign currency gains.

But the company expected the second half to be challenging. Higher Australian dollar and higher crude oil prices would moderate its refiner margin.
Caltex said in the medium term, it was indirectly leveraged to the key growth markets of China and India, and the Australian economy was proving to be resilient, compared with Europe and the US.

Caltex said in the longer term it would continue to focus on the factors and opportunities that are within its control and take advantage of appropriate external opportunities that present themselves.

It was also looking at investment opportunities in the renewable sector ahead of the government's proposed carbon trading scheme.

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Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: michelle.liang@abnnewswire.net