News: ALD UPDATE 1-Aussie fuel retailer Ampol's earnings jump 65% on high refinery margins

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Oct 25 (Reuters) - Australia's Ampol (ALD) on Wednesday reported a 65% jump in third-quarter operating earnings, boosted by strong refinery margins and strength in its fuels and infrastructure business.

The country's top fuel retailer benefited from higher Australian fuel sales during the quarter, helped by high demand for diesel and jet fuel as the aviation industry continues to recover from the pandemic.

Refining margins at the Lytton refinery in Queensland stood at $19.69 per barrel, compared with $15.46 per barrel a year ago and $10.29 per barrel realised for the first half of fiscal 2023, mainly benefiting from strength in Ampol's gasoline and diesel product cracks.

The company reported quarterly earnings before interest and tax of A$438.2 million ($278.56 million) on a replacement cost basis, which excludes the impact of inventory and foreign exchange changes, up 65% from a year ago.

Lytton refinery production for the quarter was 1.57 billion litres (BL), higher than 1.55 BL produced a year ago, with total fuel sales volumes jumping 26% to 7.05 BL.

($1 = 1.5731 Australian dollars)