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Caltex expects stronger after tax profit

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Caltex Australia yesterday announced that it expects a stronger profit after tax on a replacement cost of sales operating profit (RCOP) basis of $315 – $335 million excluding significant items for the full year 2004 compared with $199.7 million for the full year 2003.

This result excludes the impact of international oil price movements.

The forecast is based on unaudited results for the year to 30 November 2004 and includes near term forecasts in respect of external factors such as refining and marketing margins, freight costs and foreign exchange rates.

On an historical cost basis, including inventory gains and excluding significant items, Caltex expects to make an after tax profit in the range of $420 – $450 million for full year 2004.

This figure includes expected inventory gains of $100 – $115 million (after tax) compared to inventory gains of $9.1 million (after tax) for the full year 2003.

The historical cost full year forecast excludes a significant after tax item of approximately $114 million (a one-off gain as a result of tax consolidation already adopted in the first half 2004) compared to a significant after tax expense item of $11.3 million for the full year 2003.

Caltex says it is important to emphasise that this estimated profit range may be affected by movements in crude prices, margins, exchange rates and other external factors between now and 31 December 2004.

In particular, it has been assumed refiner margins will continue at their average 2004 levels for the remainder of the year, Caltex said.

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