The company attributed the growth to strong Singapore refiner margins, which calculate the difference between the price of Tapis crude oil feedstock and the quoted Singapore ex-refinery price of petroleum products.
Australia's biggest crude oil refiner told the ASX that in the October year to date, Singapore weighted average refiner margin was $US3.54 a barrel compared to $US2.27 for 2002.
Petrol refiner margins in the Asian region have been supported by buoyant United States and high Chinese fuel demand.
The Caltex after tax profit of between $160-185 million for the 2003 full year is far below the $215.2 million for 2002 due to low inventory gains of only $5-20 million compared to inventory gains of $172.9 million in 2002.
