Japan’s Idemitsu Kosan raises H1 profits forecast

21 October 2008 12:33  [Source: ICIS news]

TOKYO (ICIS news)--Japanese refiner Idemitsu Kosan more than doubled its forecast for first-half net income to yen (Y) 18.9bn ($186.5m), the company said on Tuesday.

The revision is up from Y8.5bn, previously announced in late July, which the company said it attributes to decreased refining costs due to more-than-expected price falls in crude oil and naptha.

The firm forecast its first-half net sales to decline to Y2.2bn, down 4.2% from the previous forecast of Y2.3bn, Idemitsu said. However, it did not provide reasons for the decrease.

The refiner said it had succeeded in deferring a portion of its overhead expenses to the third quarter or later.

Idemitsu Kosan is scheduled to announce its first-half earnings results on 4 November.

($1=Y101.4)

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By: Tomomi Yokomura
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