Caltex cuts dividend to pay for Gull acquisition in search for regional growth

Caltex cuts dividend to pay for Gull acquisition in search for regional growth
Sophie Boot
By Sophie Boot Feb. 21 (BusinessDesk) - ASX-listed Caltex Australia has reported a 17 percent jump in annual profit despite revenue dropping, and is looking to regional expansion with its acquisition of Gull New Zealand the first step. Caltex booked A$610 million in profit for the year ended Dec. 31, 2016, up from A$522 million a year earlier, despite revenue dropping 10 percent to A$17.9 billion. Its preferred profit measure, replacement cost, dropped 16 percent to A$524 million. The board declared a 52 Australian cent final dividend,...