Caltex announces net profit increase

Caltex has announced an increase in net profits of 74% for the first-half period compared to the result a year before.

The biggest oil refiner in the country (50% owned by Chevron) put the result down to increased refiner margins and stronger demand for fuel.

Caltex announced in July that it would shut its Kurnell refinery, shedding 330 jobs and an uncertain number of contractors. Kurnell will be closed by the end of 2014, with its Lytton refinery (in Brisbane) remaining open.