Home / Knowledge / News / Textiles / Petrochemical products business up at Idemitsu Kosan

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.  
 
Click here to read more details:

Idemitsu Kosan


Must ReadView All

US President Joe Biden. Pic: Shutterstock

Textiles | On 29th Jul 2021

Proposed amendments to raise US content in federal purchases announced

The United States has decided to raise US-made content in government...

Pic: Shutterstock

Apparel/Garments | On 29th Jul 2021

Uninterrupted supply chain crucial for Vietnam amid ongoing COVID wave

Ensuring that the supply chain of Vietnam is not interrupted amid the ...

Pic: Moschino

Fashion | On 29th Jul 2021

Italy’s Aeffe buys remaining 30% stake in Moschino for full ownership

Italian luxury fashion company Aeffe has acquired fashion house...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

The pandemic has reinstated need for organised retail spaces in Tier II...

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchain is not a silver bullet for each and every problem in supply...

India-EU Summit, Representatives

India-EU Summit
Representatives

India-EU FTA will provide EU with better access to a huge & rapidly...

Rishav Bajoria & Subham Sengupta,

Rishav Bajoria & Subham Sengupta

Launched in October 2020, the Gumti app could not have come at a more...

Kriti Kanodia,

Kriti Kanodia

A TV show in 2012 where actor Sonam Kapoor customises her own pair of...

Nantas Montonati,

Nantas Montonati

The Riri Group is a one-stop supplier of metal accessories for the luxury...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Brad Holschuh, Wearable Technology Lab, University of Minnesota

Brad Holschuh
Wearable Technology Lab, University of Minnesota

A new study led by researchers at the University of Minnesota's Design of...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search