Japan's Idemitsu Kosan swings to Q1 net profit of $230m

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)

By: Tomomi Yokomura
+65 6780 4359

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