Adds details on outlook, background, Caltex guidance
Dec 9 (Reuters) - Australian oil and gas firm Viva Energy Group Ltd VEA.AX on Monday said it expects fiscal 2019 underlying net profit to fall up to 41% from a year earlier, as fuel margins in its key retail business was hit by a volatility in oil prices.
Underlying net profit after tax on a "replacement cost basis" for full-year ended Dec. 31 is expected to be in the range of A$135 million to A$165 million ($91.61 million-$111.97 million), down from A$229 million reported a year earlier.
Viva Energy said underlying core earnings for 2019 for the retail business, which makes up the bulk of its earnings, is expected to be A$548 million to A$558 million, a drop of up to 10% from last year.
The company posted a 43% drop in first half underlying profit in August, hurt by skinny refining margins and weak consumer spending in its fuel marketing business.
Earnings from Viva's commercial segment have been also been "impacted by continued competition, elevated shipping costs and lower exchange rates," the company said in a statement.
The announcement comes days after rival Caltex Australia CTX.AXwarned its net profit on a "replacement cost" basis this year would be between A$320 million and A$360 million, which at the midpoint would be down 39% from last year.
($1 = 1.4736 Australian dollars)
(Reporting by Niyati Shetty in Bengaluru Editing by Marguerita Choy)
((Niyati.N.Shetty@thomsonreuters.com; +918067497199;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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December 09, 2019 at 06:00AM
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Australia's Viva Energy flags up to 41% profit drop in 2019 - Nasdaq
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