Caltex $57m Profit FY2013

Fuel distribution company, Caltex Australia (ASX:CTX) have announced its full year profit results for 2012 to its shareholders and investors on the Australian sharemarket.

• Caltex Australia Net Profit of $57 million, up from a loss of $714 million in the previous year.
• The previous year (2011) has included a writedown of $1.15 billion on the Caltex Oil Refinery in Kurnell. In 2012, the company has booked a $309 million provision for the closure of the refinery. Kurnell is planned for closure in 2014.
• After the closure of Kurnell, the company plans to source the bulk of the crude oil and refined oil product from Asia.
• Caltex Australia also has a refinery in Lytton in Brisbane.
• Caltex managing director, Julian Segal earned $5.3 million, up from $4.6 million in 2011.
• Caltex Australia MD Julian Segal said, " The closure of Kurnell (Caltex) and Clyde (Shell) will add another 200,000 barrels a day to be imported but that is low volume compared to total refining capability globally. Jamnagar (Indian refinery) is itself producing over one million barrels a day, the whole of demand in Australia."
• Caltex announced a final dividend of 23 cents per share, down from 28 cents per share in the previous corresponding period. Annual dividend distribution to shareholders was 40 cents per share in 2012, down from 45 cents the prior year.