Fuel retailer and refiner Caltex Australia posted a net profit of $114 million for the first quarter of 2016.
In the corresponding quarter in 2015, Caltex’s profit was $174 million. The reduction is attributed to an inventory loss of $37 million.
Its refining margin for the quarter also fell from the previous year to $US10.65 ($14.23) per barrel, compared to $US15.65 ($20.9) a barrel in 2015.
“I am pleased with how we have continued to both protect and grow our business in the first quarter, despite the challenging competitive landscape across both the consumer and business-to-business sectors,” Caltex Australia Managing Director and CEO Julian Segal said.