Oil refiner and fuel distributor Ampol says its sales slumped thanks to the lockdowns across NSW and Victoria shut borders and curbed travel.
Ampol told investors the ASX on Tuesday that fuel volumes dropped 16% in the September quarter compared to the previous quarter, and 16% compared to the same period last year.
“The third quarter was a challenging period for many businesses and Ampol was no exception,” Ampol CEO Matt Halliday said in the statement.
Ampol’s net profit on a “replacement cost basis”, which strips out the impact of inventory and foreign exchange fluctuations, rose 70% to $41 million from the same time last year.
As lockdown restrictions begin to lift and interstate and international borders reopen, Mr Halliday said the outlook for the business appeared brighter.
“While it will take a little time to assess the strength of the recovery, we are optimistic about entering 2022 with improved momentum as restrictions are progressively eased,” he said.
Ampol’s experience mirrors that of its Melbourne rival, Viva Energy in the September quarter.
Viva said its sales fell in the quarter, pushing down retail fuel sales by 25% in both states and forcing the refiner to pay shipping fees to sell fuel in other markets.
Jet fuel sales tumbled 31% as international travel remained virtually shut and domestic travel remained at low levels of activity.
Border closures also pushed jet fuel sales down by 31% for the period compared to the prior quarter.
