approximately$95 million of pre-tax inventory gain http://www.theaustralian.news.com.au/common/story_page/0,5744,4466853%5E462,00.html
---------------------------------------------------------------------
Caltex pumped on profit
---------------------------------------------------------------------
June 07, 2002
---------------------------------------------------------------------
SHARES in Caltex Australia, the nation's only listed oil refiner, jumped 12 per cent today after it said it expected to make an after tax half-year profit of between $125 million to $140 million thanks to stable margins and higher crude prices.
---------------------------------------------------------------------
The downstream operator said that consistent refinery reliability and safety performance had also contributed to the bottom line result, which includes approximately $95 million of pre-tax inventory gains.
---------------------------------------------------------------------
"So replacement cost profit after income tax is expected to be within a range of $60 million to $75 million compared with $4.5 million for the corresponding period last year."
---------------------------------------------------------------------
However, the company warned that the profit ranges may be affected by movements in crude prices and refiner margins between now and the end of June.
---------------------------------------------------------------------
It said competition remains intense in all markets.
---------------------------------------------------------------------
Last year Caltex posted a 16.1 per cent lift in its half year net profit to $41.1 million.
---------------------------------------------------------------------
Caltex said marketing margins, while reduced from the highs of 2001, were still tracking above levels achieved in 2000 and 1999.
---------------------------------------------------------------------
"Since December 2001 crude prices have risen by approximately $US5 a barrel and are expected to remain at current levels for the immediate term."
---------------------------------------------------------------------
Refiner margins, which averaged $US1.61 a barrel in 2001, have improved to average $US2.60 a barrel for the year to date, Caltex said.
---------------------------------------------------------------------
Meanwhile, Caltex said its board was focused on reducing debt and achieving a strong balance sheet to be able to weather the volatility of profitability inherent in the downstream oil industry.
---------------------------------------------------------------------
The company said today it was targeting cutting its gearing ratio to less than 50 per cent by December 31, 2003.
---------------------------------------------------------------------
This is up from 61 per cent at end-December, 2001.
---------------------------------------------------------------------
In dollar terms this implies lowering debt from almost $1.3 billion at 31 December, 2001 to $1075 million by 31 December, 2002 and to $950 million by 31 December, 2003.
---------------------------------------------------------------------
The focus on debt reduction will impact on the ability to pay dividends, the company said.
---------------------------------------------------------------------
"The need to conserve cash to achieve the targeted debt reductions will impact on the ability of the company to pay dividends."
---------------------------------------------------------------------
"The board will make every effort to balance the objectives of reducing gearing, providing dividends to shareholders and investing in the future of the company."
---------------------------------------------------------------------
At 1020 AEST shares in Caltex had jumped 18, or more than 12 per cent to $1.65.
---------------------------------------------------------------------
- Forums
- ASX - By Stock
- ALD
- Caltex good turn around story
Caltex good turn around story, page-24
-
- There are more pages in this discussion • 1 more message in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add ALD (ASX) to my watchlist
(20min delay)
|
|||||
Last
$29.11 |
Change
0.180(0.62%) |
Mkt cap ! $6.936B |
Open | High | Low | Value | Volume |
$29.02 | $29.22 | $28.99 | $31.11M | 1.068M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 171 | $29.10 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$29.11 | 430 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 171 | 29.100 |
1 | 4224 | 29.090 |
4 | 5092 | 29.070 |
2 | 205 | 29.060 |
2 | 4224 | 29.050 |
Price($) | Vol. | No. |
---|---|---|
29.110 | 430 | 1 |
29.200 | 163 | 1 |
29.210 | 4224 | 2 |
29.220 | 720 | 1 |
29.230 | 765 | 2 |
Last trade - 16.10pm 17/09/2024 (20 minute delay) ? |
Featured News
ALD (ASX) Chart |