01 May 2012 10:14 [Source: ICIS news]
SINGAPORE (ICIS)--Japanese producer Idemitsu Kosan said on Tuesday its year-to-March 2012 net profit increased 6.1% year on year to yen (Y) 64.4bn ($806.8m), partly helped by improved margins in the petrochemicals market.
Its net sales for the fiscal year were up 17.8% to Y4,310bn, with operating profit rising 7.2% to Y138.1bn, the company said in a statement.
The fiscal year was marked by decreased demand for petrochemical products, particularly from China as an offshoot of its monetary tightening policy, and also because of negative effects from the massive earthquake that hit northeastern Japan in March 2011, it said.
For its current fiscal year which ends on 31 March 2013, Idemitsu Kosan said it expects its operating profit to fall to Y110bn and its net profit to decline to Y56bn, given an expected hefty fall in the valuation of its inventory.
It forecasts net sales for the 2012 fiscal year to reach Y4,570bn on the assumption that Dubai crude oil prices will average $115/bbl (€87/bbl) and naphtha values will be at $1,037/tonne, the company said.
($1 = Y79.82, $1 = €0.76)
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