Caltex profit jumps 50pc

csv8 · 26-06-2009, 10:35 AM

Caltex profit jumps 50pc

AAP

June 26, 2009 10:02am

CALTEX Australia's first-half profit may rise as much as 50 per cent as the country's biggest oil refiner benefited from higher margins on lower crude prices, and exchange rates.

Caltex's after tax profit for the six months ended June 30 would be between $270 million and $295 million, compared with the $196 million profit for the year before, the Sydney-based refiner said in a statement today.

The after tax number is based on the replacement cost of sales operating profit (RCOP), which smooths out fluctuations in the oil price to give a clearer picture of the company's performance.

Caltex, which is 50 per cent owned by US oil giant Chevron Corp, said its average margin for the five months to May this year was 8.98 cents per litre, compared with 6.08 cents during the corresponding period last year.

The significant decline in Singapore based Tapis crude oil prices and the lower average Australian dollar translated to the higher margin.

On a historic cost result after tax, which includes inventory gains, Caltex said it expects a first-half profit between $335 million and $365 million, compared with $354 million the year before.

Ghiadude · 26-06-2009, 11:26 AM

But what can we as consumers that need(not want) this product do?

Jason[98.EL] · 26-06-2009, 12:12 PM

i guess it just shows we are being screwed with our fuel prices

i just paid $134.9 a litre here in geelong

it is a rort

Jason

GS608 · 26-06-2009, 01:10 PM

i just paid $1.259 up here feeling very ripped.cant wait till the 1st of july..NOT

Road_Warrior · 26-06-2009, 01:19 PM

Reading crap like this makes me glad I had the LPG lobotomy.

They're a bunch of crooks, plain and simple.

**DJM83** · 26-06-2009, 01:53 PM

Quote:

Originally Posted by XR-CHIEF

i just paid $1.259 up here feeling very ripped.cant wait till the 1st of july..NOT

Its been a free for all since the subsidy has been cut and its not even July 1 they are 'Making hay while the sun shines' :togo:

FPV+fteT3 · 26-06-2009, 03:50 PM

Just waiting for the traditional post from some know it all about how we are paying the right price for petrol like so often happens in cost of fuel threads.
Well it seems that indeed we are being ripped and have been so for a long time.

ILLaViTaR · 26-06-2009, 07:52 PM

Good to see they make the average consumer struggle to survive so they can sit TWICE what they earned last year in a bank account to lie dormant.

I really hope someone starts killing these monsters off.
Makes my blood boil.

**Bundy** · 27-06-2009, 06:54 AM

Quote:

Originally Posted by csv8

Caltex profit jumps 50pc

Caltex, which is 50 per cent owned by US oil giant Chevron Corp, said its average margin for the five months to May this year was 8.98 cents per litre, compared with 6.08 cents during the corresponding period last year.

This bit puzzles me, are they making under 10 cents per litre after tax profit??

who gets the rest? Thats a retorical question

Baised on them getting 354 mil last year and they expect roughly the double this year (and this is just caltex) means that we as a nation are still travelling heaps during a GFC the the govenments are still making plenty off us without the need to ditch Qld fuel levies and hike up rego costs.

All is normal and seems fair to me........that's tounge in cheek.