Australia’s Ampol Ltd (ASX:ALD) reported a 23% drop in half-year underlying profit on Monday, weighed by weaker refining margins and international fuel earnings.
Ampol’s underlying net profit after tax, excluding significant items, fell to A$180.2 million for the six months to June 30 from A$233.7 million a year earlier.
Statutory results swung to a A$25.3 million net loss from a A$235.2 million profit a year ago, reflecting losses on divestments and inventory impacts, the company said.
Group’s replacement cost operating profit (RCOP) fell 20% to A$404 million, with earnings from Lytton refinery plunging 99%. Convenience retail was a bright spot, with EBIT up 4% to A$183 million, while New Zealand earnings were steady.
The company declared an interim dividend of 40 Australian cents per share.
Ampol said the proposed A$1.1 billion acquisition of EG Australia would strengthen its retail footprint.
Shares of the company jumped last week after it announced the EG Australia acquisition. They were largely unchanged at A$29.16 on Monday.
Source :
https://www.investing.com/news/stock-market-news/australias-ampol-posts-lower-hy-profit-on-weak-refining-margins-4196591
