Caltex Australia May Record Net Loss on Oil Price Decline
By Angela Macdonald-Smith
Dec. 18 (Bloomberg) -- Caltex Australia Ltd., the nation’s biggest oil refiner, may record a net loss because slumping crude oil prices have reduced of value of its stockpiles.
Historic cost net income may be between a loss of A$40 million and a profit of A$10 million in the year ending Dec. 31, Sydney-based Caltex said today in a statement to the Australian Stock Exchange. The company raised its forecast for operating profit to between A$135 million and A$155 million, up from a Nov. 3 forecast of between A$115 million and A$145 million.
