Caltex sees profit slide

Caltex Australia has given a bleak forecast for profits in the first half of this year, which it projects will be below analysts’ expectations. The refiner expects adjusted net profit to drop to A$140 million-A$160 million (US$120.51 million-US$137.2 million), almost half of last year’s A$298 million (US$255.54 million), mainly because of exchange rate volatility. Caltex said sales of transport fuels grew strongly compared with 2009 but production fell in the first half because of lengthy maintenance. It produced 4.4 billion liters of gasoline, diesel fuel and jet fuel, down from 5.1 billion liters last year. (June 28, 2010)