Japan's Idemitsu Kosan posts Y2.9bn Q1 net loss

31 July 2008 11:17  [Source: ICIS news]

TOKYO (ICIS news)--Japanese refiner Idemitsu Kosan posted a first-quarter net loss of yen (Y) 2.9bn ($26.9m) compared with a net income of Y2.1bn in the corresponding period the previous year, the company said in a statement on Thursday.

Net sales the first three months ended 30 June were Y1,042bn, up 32.3% from Y787.8bn year on year.

Petrochemicals segment first-quarter net sales increased 11.9% to Y187.6bn from Y167.7bn, the company said.

The styrene monomer (SM) and paraxylene markets were unable to keep pace with rising feedstock costs, Idemitsu Kosan added.

The refiner has raised its net sales forecast for the first six months ending 30 September by 20.8% to Y2,380bn from the previous estimate of Y1,970bn in early May.

($1 = Y108)

 

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By: Tomomi Yokomura
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