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 ?xml:namespace>
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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