Idemitsu posts 50.4% fall in operating profits

05 February 2008 07:58  [Source: ICIS news]

TOKYO (ICIS news)--Japan’s Idemitsu Kosan has posted a 50.4% drop in its nine-month operating profits year on year, due to decreased margins in oil and petrochemicals products, the company said on Tuesday.

 

Consolidated operating income for the nine months ended 31 December was yen (Y) 43.8bn ($408.7m), down from Y88.4bn the year before, the Japanese refiner added.

 

However, nine-month net sales rose 8.9% to Y2,740.7bn, from Y2,516.9bn due to increased prices for crude oil and naphtha, it added, while net income decreased 46.9% to Y18.3bn, from Y34.4bn.

 

In the petrochemicals segment, operating income in the nine-month period was Y18.6bn, down 42.4% year on year, from Y32.3bn, while net sales increased 14.9% to Y528.2bn, from Y459.6bn, according to Idemitsu Kosan.

 

Meanwhile, the oil products segment recorded an operating loss of Y6.1bn during the same period, while net sales were up 7.1% to Y2,028.5bn, from Y1894.6bn the year earlier, the company said.

 

The refiner did not elaborate on each segment’s results.

 

($1 = Y106.7)

By: Tomomi Yokomura
+65 6780 4359

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