06 August 2013 08:26 [Source: ICIS news]
TOKYO (ICIS)--Japanese refiner Idemitsu Kosan on Tuesday posted a first-quarter net profit of yen (Y) 22.6bn ($230m), swinging from a loss of Y290m in the same period a year earlier, partly buoyed by higher crude oil prices.
Net sales in the three months to 30 June this year stood at Y1,106.2bn, a 4.7% increase from the same period in 2012, while operating profit rose by 58% to Y13.6bn, Idemitsu said in a statement.
In the petroleum products business, net sales rose by 6.2% year on year to yen (Y) Y918.8bn, while the segment posted an operating profit of Y4.10bn, reversing a loss of Y4.98bn, supported by higher import prices of crude oil, the refiner said.
In the petrochemical products business, net sales stood at Y149.7bn, an 11% year-on-year increase, while operating profit increased surged nearly sixfold to Y9.95bn.
($1 = Y98.3)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections