Caltex: Interim result 2015

Caltex has transformed. Now here come the dividends.

From a lousy refiner to a stable, quality retailer, the transformation of Caltex is complete. On a replacement cost basis, which adjusts the value of Caltex’s enormous fuel inventory to market prices, the business generated EBIT of $383m for the half year, an increase of 32% from the same period last year.

The gain was helped by one off asset sales worth $30m and a surprisingly strong result from the Lytton refinery, which benefited from higher refiner margins in Asia.

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