Caltex Australia Limited (ASX: CTX) – Cut in dividend dragged down Caltex shares on ASX

Cut in dividend dragged down Caltex shares on ASX

Caltex (ASX: CTX) stock tumbled 7.868% to $30.680 as the company reported flat growth and cut in dividend for the half year ended 30 June 2018. Net profit after tax rose 1% using Replacement cost profit (RCOP) to $296 million in 1H18, negatively impacted by lower margin and ongoing store transition.

The fuel distributor reported 2% fall in earnings before interest and tax from $454 million in 1H17.  Fuels and Infrastructure delivered weaker than anticipated earnings due to lower Caltex Refiner Margin (CRM). However, there has been increase in wholesale volumes underpinned by growth from B2B in diesel and jet along with extended partnership with Woolworths. Convenience Retail RCOP EBIT decreased 14% to $161 million at the back of rising crude and product prices in 2018.

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Net debt at 30 June 2018 was $1,041 million. The increase in debt over the last 18 months reflects $526 million in acquisitions and investments in Seaoil, Milemaker and Gull NZ.

Interim dividend of 57 cents per share was declared which is 5% less than prior period. This interim dividend is payable on 5 October 2018 with record date of 10 September 2018.

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