Caltex Australia has cut its final payout on a “disappointing” full year result weighed down by weak retail margins, soft economic conditions and unplanned outages at its Lytton refinery.
Profit on a historical cost basis was down 31 per cent to $382.8 million, slipping from $560 million a year ago as “the Australian economy remained weak” despite an improving second half.
Operating profit on a replacement cost of sales basis slipped 38 per cent to $344 million, above the midpoint of guidance offered in December.
Revenue from ordinary activities ticked up 3.0 per cent to $22.3 billion.
The company will pay a fully-franked 51 cents per share, down from 61 cents a year ago.
The fuel retailer also announced its chief executive Julian Segal will leave the role on March 2, though the search for a permanent successor has been extended as it weighs takeover bids by EG Petroleum and Canadian Couche-Tard.
Mr Segal’s retirement was initially announced in August, with no firm date set on his departure.