By David Winning
SYDNEY – Ampol Ltd. said its unaudited third-quarter net profit fell 53%, but was optimistic about its performance in the coming months as restrictions on Covid-19 are gradually eased.
Ampol reported net profit of A $ 61 million ($ 45.6 million) in the three months to September, compared to a profit of A $ 129 million a year earlier. The company reports on a historical cost basis.
Based on the replacement cost of sales —- which eliminates the impact of oil price fluctuations by recalculating the cost of sales using the replacement cost of goods sold – Ampol’s profit was 71% more amounted to AU $ 41 million.
Ampol’s refinery in Lytton made quarterly profit before interest and taxes of A $ 22 million, after reporting a loss of A $ 82 million a year earlier when the plant was under maintenance.
Ampol announced broadly stable profits in its fuels and infrastructure unit, as growth in the company’s international business helped offset the impact of Covid-19 lockdowns in the country. The company’s convenience division result also reflects pandemic restrictions in the states of New South Wales and Victoria, with fuel volumes down 16% year-on-year.
“While we expected volumes to start to recover as consumer mobility increases, prices for raw and refined products have continued to increase in recent weeks,” said Matt Halliday, Managing Director of Ampol. “This will benefit Lytton’s profitability but temper retail margins in the short term.”
Write to David Winning at [email protected]