Caltex pumps it up

A revival of the refining margin enabled oil refiner and distributor Caltex to post a surge in its first quarter to March net profit, to $190 million from $106 million a year earlier. The profit was boosted by inventory gains of $46 million, up from $37 million in the same quarter a year earlier, it said. The recovery comes after its decision to close its Kurnell refinery next year.

A revival of the refining margin enabled oil refiner and distributor Caltex to post a surge in its first quarter to March net profit, to $190 million from $106 million a year earlier. The profit was boosted by inventory gains of $46 million, up from $37 million in the same quarter a year earlier, it said. The recovery comes after its decision to close its Kurnell refinery next year.

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