Japan’s Idemitsu Kosan swings to Q1 net loss of $3.7m

07 August 2012 09:09  [Source: ICIS news]

TOKYO (ICIS)--Japanese refiner Idemitsu Kosan on Tuesday posted a first-quarter net loss of yen (Y) 290m ($3.7m), compared with a net profit of Y28.5bn a year earlier, weighed partly by the decline in crude oil prices.

Its operating profit for the three months to 30 June 2012 fell by 82% year on year to Y8.66bn, while net sales stood at Y1,057bn, a 7% decline from the same period a year earlier, the company said in a statement.

Operating profit at the firm’s petrochemicals segment rose by 51% year on year to Y1.7bn in the first-quarter period, partly boosted by improved product margins, while net sales increased by 3.5% to Y134.7bn, it added.

($1 = Y78.2)

By: Tomomi Yokomura
+65 6780 4359

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