Caltex loses profits as Exxon Mobil Corporation (NYSE: XOM) goes up

Caltex operating profit fell by 50% in first half of the year

In brief: Exxon Mobil Corporation (NYSE: XOM) shares continue to rise. Caltex Australia lost about 50% of its profits.

Exxon Mobil Corporation (NYSE: XOM) shares rose to 59.70 points, gaining +0.81 (1.38%) in the first half of the trading session. At the same time, Australia’s largest oil refiner Caltex Australia has published data on a 50% slump in profits in the first half of 2010.

The downfall is due to the fact that the strengthening Australian dollar has led to a decrease in company’s profits. However, the company stated that it may reduce the number of jobs to reduce expenditures. It is reported that Caltex’s operating profit fell to AUD 149 million ($ 132 million) compared to AUD 298 million previous year. It is worth noting that in June company’s operating profit was predicted to fall to AUD 140 million to AUD 160 million

Ukrainian Globalist
2010-08-23 17:30, Economics.

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