ASX Shares to Sell Caltex Australia (CTX)

Shares to Sell – Caltex Australia (CTX)

Caltex Australia (CTX) is Australia’s leading fuel supplier, convenience retailer and is an integrated oil refining and marketing company.

CTX has forecast 1H10 operating profit guidance of $140 million – $150 million, down significantly from last year’s $298 million profit.

CTX based its forecast on a falling AUD that resulted in a loss on US dollar-based crude purchases.

The guidance, which was also shy of UBS estimates of a $176 million profit, saw CTX shares plunge almost 7% today.

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