February 24, 2020 / 9:47 PM / 3 months ago

Caltex Australia's full-year profit slumps over 38%

Feb 25 (Reuters) - Takeover target Caltex Australia reported a more than 38% fall in full-year profit on Tuesday, as it struggled with weakness in refining margins amid volatile crude prices.

The refiner, which also runs petrol stations along with convenience stores, said its full-year net profit on a “replacement cost” basis was A$344 million ($227.97 million), which was near the midpoint of its own forecast of between A$320 million and A$360 million.

It posted underlying net earnings of A$558 million last year.

The company also announced a fully franked dividend of 51 Australian cents per share for the second half of fiscal 2019.

$1 = 1.5090 Australian dollars Reporting by Anushka Trivedi and Aby Jose Koilparambil in Bengaluru; Editing by Shailesh Kuber

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