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

Sophie Boot
Mon, 20 Feb 2017

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,...

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