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Caltex expects H1 profit to increase roughly 50% YOY

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Caltex expects H1 profit to increase roughly 50% YOY

Caltex Australia Ltd expects its after-tax net income for the first half to increase roughly 50% versus the year-ago level on improved performance at its fuels and infrastructure segment.

In releasing unaudited guidance June 12, the Australian oil refining and marketing company said it expects first-half after-tax net income to come in at between A$385 million and A$405 million, up from the year-ago level of A$265 million.

That figure includes an after-tax product and crude oil inventory gain of approximately A$90 million, compared to a A$31 million loss during the year-ago period.

On a replacement-cost basis, Caltex expects EBIT excluding significant items to come in between A$442 million and A$472 million, versus the year-ago level of A$454 million.

The company expects its fuels and infrastructure segment to deliver EBIT of between A$315 million and A$335 million, up from the year-ago result of A$287 million.

Caltex expects its convenience retail segment to deliver EBIT of between A$150 million and A$160 million, down from the year-ago result of A$187 million as a result of rising crude oil prices and the "cost and disruption of a high number of site transitions … from franchise to company operations."

The company will release its first-half results Aug. 28.