Caltex upgrades its profit outlook, shares soar

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Caltex Australia shares went on a tear after the petrol supplier forecast a record 2015 full year profit of between $615 million and $635 million.

This compares to a net profit of $493 million in 2014.

Its shares jumped more than 11% before settling at $37.06, up 7.5%.

Part of the improved results is a better contribution from Caltex’s Lytton Refinery in Brisbane which is expected to deliver a record EBIT of $400 million compared with $218 million in 2014.

Caltex will end the year with net debt of about $420 million, reflecting higher earnings and the favourable impact of lower crude oil prices.

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