Caltex Books A$714 Million Loss After Refinery Writedowns
02/26/2012| 05:41pm US/Eastern
Caltex Australia Ltd. (>> Caltex Australia Limited) on Monday reported a steep annual loss owing to refinery writedowns, operational disruptions and a high Australian dollar.
A net loss of A$714 million for the year to Dec.31 compared to a A$317 profit in 2010.
Profit on a replacement cost of sales operating basis, excluding one-offs and the value of stockpiles, fell to A$264 million from A$318 million, at the top end of company guidance of A$245 million-A$265 million.
Australia's biggest oil refiner, 50%-owned by Chevron Corp. (>> Chevron Corporation), declared a final dividend of 28 cents a share, down from 30 cents a year earlier.
A review of Caltex's two refineries, which it has said could lose to closures, is expected to take about six months. Its marketing business is performing better, with total transport fuel sales rising to 15.7 billion liters from 15.1 billion.
Revenue from ordinary activities rose 18% to A$22.11 billion from A$18.67 billion.
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com