Japan's Idemitsu Kosan targets Y53bn in net profit by fiscal 2015

11 March 2013 16:18  [Source: ICIS news]

TOKYO (ICIS)--Idemitsu Kosan is targeting full-year net profit of yen (Y) 53bn ($552m) by fiscal 2015 as part of its new medium-term management plan, the Japanese refiner said on Monday.

The firm also aims full-year operating profit of Y150bn by fiscal 2015 ending March 2016, it added.

Of the total operating profit, 40% would come from the core businesses - fuel oil, basic chemicals and renewable energy - while 35% would come from its resource businesses and 25% from the functional materials businesses, the refiner said.

Under the new management strategy, Idemitsu plans to further reinforce the foundation for its domestic fuel oil and basic petrochemical businesses, while it aims to expand overseas businesses including the Nghi Son refinery project in Vietnam, the refiner addedd.

Idemitsu plans to invest a total of Y450bn between fiscal 2013 and fiscal 2015.

Of the total, 75%, or 340bn, would be allocated to strategic investment, and 80% of the strategic investment would be appropriated for overseas projects, Idemitsu said.

Furthermore, the company aims to achieve net profit of Y100bn by fiscal 2018 ending March 2019, the company added.

(Y = $96.03)

By: Tomomi Yokomura
+65 6780 4359

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