Caltex Australia Limited
(ASX:CTX) says full year profits will fall as margins take a hit due to the sliding Australian dollar and a drop in the refiner margin.
The company has revealed divergent pressures on profits for 2013, which reflect the impact of the stronger US dollar in boosting the value of oil stocks as well as supply disruptions, which also weighed on earnings.
Caltex says in historic accounting terms, net profit for 2013 was forecast to surge to between $515 million and $535 million, well ahead of the $366 million earned a year earlier thanks to a $200 million boost from the weaker dollar, which inflated the value of stocks of oil and refined products.
However, using the company's preferred replacement cost accounting method, Caltex estimates the 2013 net profit will slump to between $320 million and $340 million, well down from the net profit of $458 million earned a year earlier.
Caltex delivered a net profit of $195 million in the first half of fiscal 2013.
