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Major Japan Refiners Face Tougher Conditions

Tokyo, Aug 5, 2008 (Jiji Press) - Japan's four major oil refiners faced tougher business conditions in April-June due to deteriorating profitability in mainstay oil products operations.

Idemitsu Kosan Co. <5019> swung to a net loss.

Nippon Oil Corp. <5001>, Nippon Mining Holdings Inc. <5016> and Cosmo Oil Co. <5007> marked profit growth, but most of their profits came from a special factor involving valuations of oil inventories.

All the companies except Idemitsu use an accounting method that gives them a sharp rise in valuation profits on oil inventories at a time when oil prices keep rising.

Nippon Oil's valuation profit totaled 92.6 billion yen, making up the bulk of its recurring profit totaling 101.2 billion yen.

Cosmo Oil logged a recurring profit of 33.1 billion yen at its oil division, excluding petrochemical operations. But the company would have ended up with a loss of 3 billion yen if 36.1 billion yen in inventory valuation profit is excluded.

Following are the four refiners' consolidated earnings for April-June in billions of yen, with percentage changes in parentheses:
                  Sales     Recurring   Net
Profit Profit

Nippon Oil 2,037.1 101.2 58.7
(29.3) (15.0) (11.3)
Idemitsu 1,041.9 9.2 -2.8
(32.3) (-29.4) (-)
Nippon Mining 1,123.0 47.3 27.8
(17.0) (15.9) (13.3)
Cosmo Oil 915.4 38.1 22.8
(20.4) (70.7) (74.3)

By Jiji Press, (c) Jiji Press

Copyright © 2015 JCN. All rights reserved. A division of Japan Corporate News Network KK.

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