Caltex Australia Ltd, the country's only listed oil refiner and marketer, posted a 58 percent fall in full-year operating profit, due to weaker demand for its fuels and unplanned plant shutdowns.
Caltex said net profit on a replacement cost of sales basis -- which strips out oil price volatility -- was A$186 million ($119 million), compared with A$444 million last year. Caltex, which operates two refineries representing about 30 percent of Australian capacity, said last month that its unaudited operating profit was A$185 million.
The company, 50-percent owned by Chevron Corp, has targetted 2008 production at between 10.4-10.6 billion litres, compared with 10.9 billion litres a year ago.
(Reporting by Fayen Wong)