News: ALD UPDATE 1-Australian fuel supplier Ampol annual profit jumps 72% on refinery turnaround

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Feb 21 (Reuters) - Australia's biggest fuel supplier Ampol Ltd (ALD) on Monday said its annual profit jumped 72% because of a turnaround at its Lytton Refinery operations, as fuel volumes recovered after the easing of travel restrictions imposed during the COVID-19 pandemic.

Ampol and its smaller peer Viva Energy (VEA) , operators of Australia's last two refineries, have been hammered by lockdowns since the pandemic started, but are now experiencing a rapid recovery in fuel demand with curbs mostly eased and air travel picking up.

"Ampol is well positioned to benefit from the expected recovery in Australian fuel demand, " Ampol said in a statement.

"We welcome the announcement by the Federal Government on the opening of international borders to inbound tourists, although jet demand is still likely to take several years to recover to pre-COVID levels, " it added.

The company had considered closing the Lytton refinery but is operating it with government support until at least 2027. Lytton posted annual earnings before interest and tax of A158.7 million, compared to A$144.8 million loss posted last year.

Ampol said its net profit after tax for the year was A$364.9 million ($261.63 million) on a replacement cost basis compared with a A$211.8 million profit last year. ($1 = 1.3947 Australian dollars)