Caltex posts turnaround profit Buoyed by a turnaround in its refining operations Caltex Australia has returned to the black, posting a net profit of $57 million for 2012, a reversal from the loss of $714 million posted in 2011 - even after making a large provision for the closure of its Kurnell refinery. Revenue rose to $23.3 billion from $22.1 billion. In 2012, Caltex booked a $309 million provision for the closure of Kurnell, while in 2011 it took a $1.1 billion write-down in the value of this asset. Despite the profit, Caltex has cut the final dividend to 23 cents from 28 cents a share, taking the annual payout to 40 cents down from 45 cents, after deciding to cut to 20 per cent from 40 per cent the dividend payout ratio following the decision to close Kurnell. In the year, earnings a share totalled 21 cents, after a loss of 264 cents in 2011. All of the turnaround in the refining division's performance was generated at the Lytton refinery in Brisbane, with Kurnell only managing to break even, it said, before taking into account the provisions made for its planned closure. Kurnell is to be closed in late 2014.