Australia's Viva Energy posts 3% jump in quarterly sales volume (updated)

Viva Energy

21/10/2024 23:43

(Adds details from paragraph 3 onwards)
       Oct 22 (Reuters) - Australia's Viva Energy  VEA.AX 
posted a 3% rise in its third-quarter fuel sales volumes on
Tuesday, helped by an improved performance across all of its
businesses. 
    The oil and gas retailer posted total group sales volumes of
4.2 billion litres for the quarter ended Sept. 30, compared to
4.0 billion litres a year ago. 
    Viva Energy expects core profit on a replacement cost basis
for its convenience and mobility business to be between A$230
million ($153.09 million) and A$260 million in fiscal 2024. This
compares to the A$232.2 million it reported a year ago. 
    The company says the earnings outlook is on the back of
factors such as softer retail conditions, lower tobacco sales
and higher overheads. 
    The firm's On the Run business, a convenience store operator
it acquired from Adelaide-based Peregrine for A$1.15 billion in
late March, has been more affected than its Coles Express
business due to illicit tobacco impacting the South Australian
market and higher overhead costs.
    "While the refining environment is expected to remain
challenging for the rest of FY2024, refining run-cuts and
maintenance may help to rebalance global refining capacity and
provide some support for margin improvement," the company said. 
    In May 2023, Viva completed the acquisition of Coles
 COL.AX  Express convenience stores, strengthening its footprint
nationwide compared to its rival Ampol  ALD.AX .


($1 = 1.5024 Australian dollars)

 (Reporting by Echha Jain in Bengaluru; Editing by Alan Barona)
 ((Echha.Jain@thomsonreuters.com))