Japan’s Idemitsu Kosan H1 net profit shrinks 94%, sales slip 0.7%

06 November 2012 08:59  [Source: ICIS news]

TOKYO (ICIS)--Japanese refiner Idemitsu Kosan reported on Tuesday a 94% year-on-year decline in its six-month net profit to yen (Y) 2.45bn ($31m) because of weak demand for petrochemicals.

Net sales during the six months to 30 September 2012 dipped by 0.7% to Y2,052bn, with operating profit falling by 63% to Y27.9bn, Idemitsu Kosan said in a statement..

In the petrochemical segment, the company’s net sales decreased by 4.7% year on year to Y252.7bn on sluggish demand in China.

Operating profit for the segment for the period declined by 24% to Y5.7bn, the refiner said.

($1 = Y80.27)

By: Tomomi Yokomura
+65 6780 4359

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