The Australian
30 August 2018
Oil refiner and fuel retailer Viva Energy, which recently floated on the ASX, delivered first-half net profit in line with its prospectus forecast as stronger retail earnings offset crimped refining margins.
The Melbourne-based company, 45 per cent owned by Swiss commodities giant Vitol, said net profit after tax for the six months to June 30 was $129.4 million in line with the $129.7m forecast in its prospectus.
Its retail, fuels and marketing arm outperformed with underlying earnings before interest, tax, depreciation and amortisation up 9.4 per cent to $474.4m compared with a $465m forecast.
Refining slipped by nearly 20 per cent on the prospectus forecast to $48.1m on lower margins and volumes. The company said regional refining margins have improved since June but its August results will be “partially impacted by a temporary loss of production this week following a disruption to power supply from the state electricity grid.”
VEA shares down 2.08 per cent, at $2.40 at the open.
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