Japan's Idemitsu Kosan H1 net profit soars to $394m

05 November 2013 07:35  [Source: ICIS news]

An Idemitsu Kosan facilityTOKYO (ICIS)--Japanese refiner Idemitsu Kosan on Tuesday posted a first-half net profit of yen (Y) 38.8bn ($394m), soaring from a net profit of Y2.45bn in the same period a year earlier, with sales boosted by higher import prices for crude oil resulting from the weakened Japanese yen.

The company’s group operating profit in the six months to 30 September 2013 increased by 84% year on year to Y51.4bn, with net sales up by 14% at Y2,347bn, the company said in a statement.

Operating profit at the company’s petrochemicals business segment soared to Y22.2bn from Y5.67bn a year earlier in the same period, with net sales up by 24% at Y313.8bn on the back of higher naphtha prices, the company said.

“Demand for petrochemical products for the six months ended September 30 2013 hovered at around the level of the same period of the preceding year, while the environment surrounding exports from Japan have improved, due partly to the weakened Japanese yen,” the company said.

In the petroleum segment, first-half operating profit surged to Y24.5bn from Y5.06bn the previous year, while net sales rose by 14% to Y1,933.3bn, according to Idemitsu Kosan.

($1 = Y98.5)
By: Tomomi Yokomura
+65 6780 4359

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