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Caltex posts $352 million profit

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Caltex Australia has announced a profit after tax (excluding significant items) on a replacement cost of sales operating profit (RCOP) basis of $352.5 million for the full year 2004 compared with $199.7 million for 2003.

This result excludes the impact of international oil price movements and provides a picture of how well the company is performing in areas of its operations not affected by this external factor. The RCOP result is recognised as a primary measure in establishing the level of dividend.

Caltex managing director Dave Reeves said 2004 was a year of record profits for Caltex Australia primarily due to stronger refiner margins.

The company had also benefited from the marketing business's record transport fuels sales volumes, increased lubricants sales volumes and stable marketing margins.

Caltex chairman Dick Warburton said the Board had declared a final dividend of $67.5 million or 25 cents a share adding to the interim dividend of 14 cents per share paid in October 2004.

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