Idemitsu Kosan posts full-year profit down 46%

02 May 2008 10:01  [Source: ICIS news]

TOKYO (ICIS news)--Idemitsu Kosan posted a 46% decline in full-year operating income partly owing to decreased profit margins on petroleum products, the Japanese refiner said in a statement on Friday.

Consolidated operating income for the fiscal year 2007 year ended 31 March was yen (Y) 55.9bn ($534m), down from Y102.8bn year on year. Net sales were up 14% to Y3864.3bn from Y3394.7bn, while net income fell 88% to Y4.8bn from Y41.6bn.

The petroleum products segment recorded an operating loss of Y7.8bn during the full year, down from the operating income of Y17.7bn the previous year due partly to decreased profit margins of petroleum products, the company said.

The segment’s net sales were up 14% to Y2886.2bn from Y2535.9bn due to hikes in the price of crude oil, it added.

In the petrochemical products segment, full-year operating income declined 58% to Y18.7bn from Y44.3bn year on year owing to decreased profit margins.

Net sales rose 14% to Y709.1bn from Y622.8bn partly because of price increases for naphtha, Idemitsu Kosan said.

By: Tomomi Yokomura
+65 6780 4359

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly