Ampol back in profit as Australia fuel retail recovers

Market: Oil products
19/10/20

Australian refiner and transport fuel marketer Ampol returned to a profit in July-September after a steep loss in the previous quarter thanks to an improved performance at its fuel retailing business.

Ampol, formerly known as Caltex Australia, reported a net profit on a replacement cost of sales operating profit basis of A$129mn ($91mn) in the latest quarter, after making a net loss of A$597mn in April-June.

The return to profitability came despite a widening loss at the company's 109,000 b/d Lytton refinery in Queensland.

Ampol said its fuels and infrastructure group, ex-Lytton refinery, was affected by Covid-19 restrictions imposed by Australia and internationally.

Australian diesel sales volumes fell by 10pc in July-September compared with the same period a year earlier, while gasoline volumes dropped 14pc and jet fuel volumes were down by 64pc because of the impact of domestic and international travel restrictions, Ampol said, without giving details.

By Kevin Morrison

Ampol financial results			A$mn
	July-Sept '20	April-Jun '20	July-Sept '19

Lytton (ebit)	-82	-41	32
Retail	87	23	41
RCOP NPAT (before significant items)	24	40	94
RCOP NPAT	129	-597	40
Source: Ampol
NPAT = net profit after tax; RCOP = replacement cost of sales operating profit

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Ampol back in profit as Australia fuel retail recovers

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