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Petrochemical products business up at Idemitsu Kosan
14
Aug '12
Idemitsu Kosan Co Ltd announced consolidated financial results for the first quarter of fiscal year 2012 (From April 1, 2012 to June 30, 2012).
 
The domestic demand for petroleum products for the cumulative first quarter of the fiscal year 2012 rose compared with the same period of the preceding year, primarily affected by the increased operation of thermal power stations relying mainly on heavy fuel oils as a result of the suspension of the operation of nuclear power stations.  
 
Dubai crude oil prices were hovering around $120/bbl at the beginning of the current fiscal year. However, in May, due to increased anxiety over European economies and the outflow of investment funds because of concerns over the slowdown of the US economy, Dubai crude oil prices subsequently fell below $90/bbl in late June this year. As a result, the average price for the period from April to June this year fell by $4.3/bbl against the same period of last year to $106.4/bbl. 
 
Demand for petrochemical products for the cumulative first quarter decreased, hit by expanding concerns for the slowdown in the Chinese economy due to the European debt problems and austerity measures in the European countries. The prices for naphtha, a petrochemical raw material, dropped as with crude oil prices, however, the average price increased by $31/ton against the same period of the previous year to $1,038/ton.  
 
The Idemitsu Group’s consolidated net sales for the cumulative first quarter of fiscal 2012 increased by 7.0% compared to the same period of fiscal 2011, to ¥1,056.7 billion, due to increases in the sales volumes of petroleum products. The consolidated operating income dropped by 82.2% on a year-on-year basis to ¥8.7 billion, due partly to the negative effects of revaluation of inventories owing to the decline in crude oil prices and contracted margins for petroleum products.  
 
Consolidated net sales of the petrochemical products business for the first quarter of fiscal 2012 increased by 3.5% from the same period of fiscal 2011 to ¥134.7 billion, due primarily to hikes in naphtha prices on a customs clearance basis, despite the decline in sales volumes due to sluggish demand from China. The operating income increased by 50.5% from the same period a year earlier to ¥1.7 billion, supported by the effects of activities to reduce costs and rationalize, and the improved product margins due to a greater decline in naphtha costs than for petrochemical product prices on the market.  
 
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