Caltex lifts H1 profit

Group expects regional capacity to challenge refining margins in medium to longer term.

Caltex (CTX) expects refining margins in the medium to longer term will be challenged as regional capacity is forecast to outstrip demand, though a weaker Australian dollar is likely to favourably impact margins.

The group made the comments as it released a lift in first-half profit.

In the six months to June 30, Caltex posted a net profit of $195.5 million, a lift on the $167.3 million recorded in the previous corresponding period and at the upper end of the company's forecast for between $180 million and $200 million.

In the same period revenue was $11.495 billion, a 3% decline on the $11.794 recorded in the previous corresponding half.

The group will pay a fully-franked interim dividend of 17 cents.

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