Japan's Idemitsu Kosan 9-month profit slumps 64% on poor margins

05 February 2013 07:52  [Source: ICIS news]

TOKYO (ICIS)--Japanese refiner Idemitsu Kosan said on Tuesday its nine-month net profit declined by 64% year on year to yen (Y) 16.4bn ($177m), partly on lower crude prices and poor margins on petroleum products.

Operating profit for April to December 2012 fell by 42% to Y55.0bn, while net sales slipped 0.5% to Y3,158bn, the company said in a statement.

In the petrochemicals segment, operating profit declined by 46% year on year to Y6.1bn on lower sales volumes. Net sales for the segment fell by 3.1% to Y372.9bn, the company said.

($1 = Y92.42)

By: Tomomi Yokomura
+65 6780 4359

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