Caltex profits down in March quarter

Sales volumes were up and earnings down for the March quarter as Caltex saw reduced margins from a year ago.

Fairfax reports that margins for oil per barrel were $US 10.65 in the quarter, compared to $US 15.65 a year ago. Net profit decreased to $114 million from $178 million for the period.

Caltex shut its Kurnell refinery in 2014, converting it into an import terminal, and has since been focussing on growing revenue through convenience stores. It still operates a refinery at Lytton, Queensland.