04 February 2014 10:55 [Source: ICIS news]
TOKYO (ICIS)--Japanese refiner Idemitsu Kosan’s nine-month net profit more than doubled to yen (Y) 42.7bn from Y16.4bn a year earlier, partly owing to increased valuation gains on inventories resulting from the increased Japanese yen-denominated crude oil prices, the company said on Tuesday.
Operating profit in April-December 2013 rose by 49% year on year to Y81.8bn, with net sales up 16% to Y3,659.3bn.
In the petrochemical products business, nine-month operating profit skyrocketed to Y32.5bn from Y6.09bn a year earlier, while net sales increased by 30% to Y485.5bn, due to hikes in naphtha prices on a customs clearance basis due to the weaker Japanese yen, the company said.
Operating profit in the petroleum business rose by 7.1% year on year to Y33.7bn, with net sales up 14% to Y3001.4bn.
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