Ampol says no guidance amid virus hit

Refiner and fuel retailer Ampol will not provide profit guidance for the half- year ended June 30, given the unprecedented levels of business disruption from the COVID-19 pandemic and continued hydrocarbon market volatility.

The company, previously known as Caltex Australia, in May said it had seen a slump in fuel demand amid widespread social restrictions and business closures.

Ampol’s retail fuel volumes between January and April dropped 16 per cent from a year earlier and it had also forecast a slide in aviation fuel demand.

Ampol had cut staff hours and pay in an effort to save $10 million a month in operating costs and also said it would keep capital expenditure below $250 million in 2020.

AAP