Japan’s Idemitsu Kosan posts 70% fall in 9-month net profit

02 February 2010 10:58  [Source: ICIS news]

TOKYO (ICIS news)--Japan’s third-largest refiner, Idemitsu Kosan, recorded a 70% decline in its nine-month net profit year on year, partly due to decreased net sales following a sharp decline in the prices of crude oil and naphtha, the company said on Tuesday.

Net profit for the nine months ended 31 December 2009 was yen (Y) 7.22bn ($79.7m), down from Y24.3bn in the previous year, while operating profit fell 66% to Y35bn from Y103.4bn.

Net sales for the nine months were Y2,231.9bn, down 29% from Y3,156.2bn year on year, Idemitsu said.

In the petrochemicals segment, demand for products improved during the nine months, led by the economic stimulus package in China, the company said.

The petrochemical segment’s nine-month operating profit was Y6.5bn, reversing an operating loss of Y10.2bn in the same period a year before, while net sales declined by 38% to Y310.3bn from Y501.4bn, according to Idemitsu.

($1 = Y90.63)

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By: Tomomi Yokomura
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