Japan’s Nippon Oil swings to full year net profit of $470m

10 May 2010 07:42  [Source: ICIS news]

TOKYO (ICIS news)--Japanese refiner Nippon Oil has posted a full-year net profit of yen (Y)43.3bn ($470.2m), reversing a net loss of Y251.6bn in the previous year partly on a significant recovery in oil and petrochemical demand in Asia, it said on Monday.

Operating profit in the full year to 31 March 2010 was Y86.7bn, reversing an operating loss of Y312.5bn in the corresponding period a year before, while net sales decreased 22% to Y5,774.3bn from Y7,389.2bn, it said.

In the refining and sales segment, full-year operating profit was Y31bn, reversing from an operating loss of Y434.4bn the previous year, while net sales decreased 23% to Y5,192.4bn from Y6,760.5bn, it added.

While Asian demand for oil was robust, domestic sales had declined to below 200m kilolitres/year for the first time in the past 22 years on weak industrial demand due to the economic slowdown, Nippon Oil said.

Nippon Oil and Nippon Mining Holdings merged on 1 April to establish JX Holdings Inc. The merger is expected to increase the refining capacity to some 1.717m bbl/day.  

($1= Y92.09)

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By: Tomomi Yokomura
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