Idemitsu forecasts sixfold profit increase on higher margins for oil products and petrochemicals

12-May-08

Idemitsu Kosan Co. has forecast a profit increase by more than sixfold on higher margins for oil products and petrochemicals. The refiner forecast net income of 31 bln yen (US$295 mln) for the year ending March 31. Idemitsu estimates its refining business may have an operating profit of 20 bln yen, compared with an operating loss of 7.8 bln yen a year ago. Set up in 1911 by the Idemitsu family, the company owns four refineries with a total production capacity of 640,000 bpd of oil and petrochemical plants.