Ampol fuel sales fall nearly 8% in September quarter
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The news: Ampol fuel sales fell 7.6% in the September quarter compared to the previous corresponding period, which the company partly attributed to the impacts of increased fuel purchasing during a planned turnaround and inspection of its refinery in Lytton, Queensland.
The numbers: Ampol’s total group sales volume fell from 6,521 million litres to 6,028 million litres year on year. The biggest fall came from international sales, which fell 17% from 1,791 million litre to 1,492 million litres.
Margins at the Lytton refinery came in at USD10.64 per barrel, which was 22.2% higher than USD8.71 per barrel margin posted in the June quarter. Quarterly production fell from 1,406 million litres to 1,252 million litres over the period.
The context: Margin improvement was partly due to global refinery outages which coincided with additional Russian sanctions. The company also cited “Singapore refined product cracks” as driving strength relative to the first half.
Convenience retail sales were lower than the previous comparable period which “had benefitted from favourable market conditions of declining fuel input costs”. Ampol cited “persistent inclement weather in August, particularly in New South Wales and Queensland” as hitting sales.
Ampol said its $50 million cost out program is on track.
The source: ASX
