Caltex Australia Ltd Decent results supported the stock
Decent results supported the stock: Caltex Australia Ltd (ASX: CTX) stock rose over 1.6% on February 21, 2017, after the company reported the FY 16 results. CTX has reported profit after tax of $610 million (no significant items) in the FY 16, as compared to the FY 15 profit of $522 million, which included a gain relating to significant items of $29 million after tax, on a historic cost profit basis. The 2016 result includes a product and crude oil inventory gain of $86 million after tax as compared with the inventory loss of $135 million after tax in 2015. The FY 16 RCOP NPAT was of $524 million, which is modestly above the guidance ($500 million to $520 million). Moreover, the Supply & Marketing EBIT grew 5.6% to $709 million on 2015. Excluding the unfavorable externalities ($29 million), the underlying EBIT grew 9% to $738 million. There was record Lytton production with refiner margins in line with 10-year average with the EBIT of $205 million.
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