UPDATE 2-Caltex Q1 falls 34 pct, more shutdowns in H2
(Adds details of planned shutdown, updates shares)
By Fayen Wong
PERTH, May 8 (Reuters) - Oil refiner Caltex Australia Ltd (CTX.AX: Quote, Profile, Research, Stock Buzz) on Thursday posted a 34 percent drop in first-quarter earnings before interest and tax (EBIT) as refinery shutdowns affected its operations, knocking its shares down 3.5 percent.
Caltex said it planned two more shutdowns at its 105,000 barrel per day (bpd) Lytton refinery in Queensland state in the second half, but added it was on track to produce about 10 billion litres of transport fuels this year.
Unaudited first-quarter EBIT was A$131 million ($123.6 million), A$67 million lower than in the same 2007 period.
Chief Financial Officer Simon Hepworth said in a statement that earnings had been hit by a number of unplanned outages at its Kurnell and Lytton refineries in February and March, as well as a stronger Australian dollar that offset gains made in U.S. dollar margins.
Sydney-based Caltex said the first planned maintenance shutdown at Lytton was for work on one of the refinery's two crude distillation units, while the second was for maintenance on the diesel hydrotreater.
Despite the recent shutdowns, Caltex said it was on track to meet its 2008 production target and saw output of transport fuels in the "mid-to-upper 10 billion litre range", Hepworth said.
Caltex said in February its 2008 fuel production target was expected to be in line with last year's level of 10.9 billion litres. Continued...
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