Caltex half-year profit slips

Caltex has reported a 15 per cent slide in first-half profit to $318 million pulled down by lower sales revenue.

Continued growth in sales of premium grades Vortex 95 and Vortex 98 partially offset the long-term decline in demand for unleaded petrol, including E10. Total petrol volumes fell 2.2 per cent to 2.9 billion litres, broadly in line with industry trends.

Total diesel volumes of 3.5 billion litres were in line with the prior year. Strong growth in premium Vortex diesel product across Caltex’s retail segment continues, with sales volumes up 14 per cent. Lower commercial diesel volumes reflect completion of a number of LNG-related infrastructure projects, with the transport, industrial and SME sectors remaining subdued.

Caltex continues to invest in its retail site and terminal network, with eight new retail sites and four knock-down-and-rebuild retail sites completed in the first half of 2016. The rate of retail site investment has been temporarily slowed with future plans to reflect the outcome of its convenience retail strategy review.

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