Japan’s Tonen General Q1 net profits fall 81%

15 May 2009 10:22  [Source: ICIS news]

TOKYO (ICIS news)--Japanese refiner Tonen General Sekiyu said on Friday its first quarter net profits declined 81% year-on-year to Y7.66bn ($80m) as demand for basic chemical products plunged. 

Its operating income for the period fell 79% year on year to Y13.1bn, with its chemical segment reversing into losses of Y2.26bn from profits of Y9.31bn in the same period last year.

Tonen General's oil segment, meanwhile, had a net profit of Y15.3bn in the three-months-toMarch period, down 71% year-on-year.

US firm Exxon Mobil holds a 50.02% stake in the refiner

($1 = Y95.65)

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By: Tomomi Yokomura
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