Japan's JX Holdings posts 45% decrease in full-year net profit

11 May 2012 09:03  [Source: ICIS news]

TOKYO (ICIS)--Japan’s largest refiner JX Holdings on Friday posted a 45% decrease in its full-year net profit to yen (Y) 170.6bn ($2.13bn) from a year ago period partly on losses incurred by the restructuring of the solar cell-related business.

The company registered a total of Y90.8bn in extraordinary losses during the full year to 31 March 2012, which also includes losses from a decline in the stock price of an unnamed subsidiary, it said in a statement.

Operating profit for the full year was down 2% year on year to Y327.8bn from Y334.4bn, while net sales rose 11% to 10,724bn from Y9,634.4bn.

Full-year ordinary profit in the refining and marketing segment fell 8.4% to Y232.5bn from the previous year due to the rising fuel costs and decreased margins of petroleum products, while net sales rose 13% to Y9,147.5bn, JX Holdings said.

($1 = Y79.92)

By: Tomomi Yokomura
+65 6780 4359

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