Caltex Australia to sell 50 sites after “disappointing” results
Caltex Australia has reported a 54% fall in first-half profit and says its retail stores won't be able to deliver on a promise to boost earnings by up to $150 million by 2024.
Caltex Australia will sell some 50 metropolitan petrol stations over the next six months after reviewing the profitability of its network. Another 500 stations are expected to deliver strong results.
Announcing its first half-year results, Caltex said it plans to divest a number of sites as part of an ongoing commitment to restructure its business and move away from franchising.
The 50 stations are located in metropolitan areas and could achieve a higher value under alternative uses. The sale of the sites will commence before the end of the year.
Around 500 service stations, collectively employing around 5,000 people, will be transitioned from franchise-owned to company-operated stores as the company looks to boost growth.
