Nippon Oil posts 65% rise in full-year profits

28 April 2008 09:56  [Source: ICIS news]

TOKYO (ICIS news)--Nippon Oil’s full-year operating income has jumped 65.3% year on year on improved product prices, the Japanese refiner said on Monday.

  

For the full year ended 31 March, consolidated operating income rose to yen (Y) 264bn ($2.5bn), up from Y159.7bn the previous year, it said.

 

Net sales increased 13.6% to Y7,524bn, from Y6,624.3bn, while net income more than doubled to Y148.3bn, from Y70.2bn.

 

When excluding inventory factors, full-year operating income was Y96.1bn, down Y72.8bn year on year, due partly to lower margins for oil and petrochemicals products, the company said.

 

Full-year operating income in the refining and marketing segment was Y126.3bn, from Y29.3bn the year before, while net sales increased 15.2% to Y6,862.1bn, from Y5,954.4bn.

 

In the exploration, development and production segment, full-year operating income was Y126.7bn, from Y113.8bn the previous year, while net sales were down 15.4% to Y234.9bn, from Y203.5bn, Nippon said.

 

The segment’s sales volumes had decreased due to a decline in production caused by technical problems at the company’s facilities, Nippon Oil said.

 

($1 = Y104.4)

By: Tomomi Yokomura
+65 6780 4359

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