Viva Energy lifts March quarter sales
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The news: Fuel refiner and retailer Viva Energy has reported a solid first quarter with higher fuel sales and its Geelong refinery returning to capacity after prolonged maintenance work.
The numbers: Refining volumes were up 1% from a year ago to 10.2 million barrels, although refining margins were down 18.4% to an average of USD12 ($18.7) per barrel. Fuel sales volumes jumped 7.5% from a year ago to 4.06 million litres, driven by strong commercial and industrial fuel sales.
Viva shares were up 1.2% to $3.52 in early trading on the ASX.
The context: Viva supplies about a quarter of Australia’s liquid fossil fuels. It said the commercial and industrial business delivered record quarterly sales, supported by strong demand across most sectors, particularly aviation, resources and agriculture and the new defence business.
It said its convenience and mobility arm also performed well despite adverse weather conditions in some markets and general cost-of-living pressures impacting market demand. The company’s $1.2 billion acquisition of OTR Group, which completed last month, will provide a platform to further grow convenience sales, Viva said.
The source: ASX announcement
