Decent Supply and Marketing Earnings: For the six months ending 30 June 2017, Caltex Australia Limited (ASX: CTX) reported 21% growth in Replacement Cost Operating Profit (RCOP) at $307 million on the previous corresponding period. As a result, the stock edged slightly up about 1% post the result release. CTX continues to make solid progress with its convenience retail program and with the company’s operating model review which has identified an initial $60 million annual cost saving. On HCOP (Historic Cost Profit) basis, Caltex’s after-tax profit was $265 million for the first half of 2017, including a net $2 million gain on significant items. Significant items represent the profit on sale of Caltex’s fuel oil business, offset by the establishment of the previously announced $20 million Franchisee Employee Assistance Fund. First half HCOP NPAT was of the order of $265 million (including $44 million after tax inventory losses) and RCOP NPAT of $307 million, was up 21% (excluding significant items). The interim HCOP result of $265 million is down 16% on the $318 million after tax profit for the first half of 2016 as the 2017 half year result includes crude and product inventory losses of $44 million after tax, compared with crude and product inventory gains of $64 million after tax for the half year to 30 June 2016.
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