06 February 2007 07:18 [Source: ICIS news]
TOKYO (ICIS news)--Idemitsu Kosan posted a 25.1% increase in its nine-month operating income for the petrochemical segment from a year earlier on improved margins amid favorable market conditions, the Japanese refiner said on Tuesday.
Operating income for that segment for the nine months ended 31 December was yen (Y) 32.3bn ($268.3m), up from Y25.8bn in the previous year. Net sales rose 11.5% to Y461.1bn from Y413.6bn.
Idemitsu’s overall consolidated operating income for the nine months ended 31 December was Y88.4bn, up 23.8% from Y71.5bn in the year-ago period.
Net sales rose 5.5% to Y2,516.9bn from Y2385.6bn due to the rising price of crude oil, the company said, while net income fell by 3.1% to Y34.4bn from Y35.5bn.
Ordinary profit rose 27.9% to Y89.99bn from Y70.4bn a year earlier partly because of the time lag from the price hikes of crude oil until the company reflected them on the prices of the petrochemical products, the company said.
In the oil products segment, operating income was 114.7% higher at Y22.97bn from Y10.7bn during the same period in 2005, while net sales rose 4.6% to Y1,897.3bn from Y1,813.9bn.
The company said the elevated price of crude oil contributed to increased net sales of the segment.
($1 = Y120.39)
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