Home / Knowledge / News / Textiles / High crude prices helps sales grow at Cosmos Oil

High crude prices helps sales grow at Cosmos Oil

11
Nov '08
Consolidated sales for the first six months of FY2008 (from April 1, 2008 to September 30, 2008) were ¥2,014.5 billion (up ¥413.4 billion from the same period of FY2007), operating income, ¥65.9 billion (up ¥22.4 billion), ordinary income, ¥64.2 billion (up ¥15.4 billion) and net income for the term, ¥30.5 billion (up ¥7.3 billion).

The operating results for the first six months by business segment are as follows:
The petroleum business, affected by crude oil price hikes, endeavored to maintain appropriate market conditions. But in-house fuel cost has also increased due to crude oil price hikes. The domestic sales volume reduced, centering on that of gasoline, mainly reflecting restrained consumption and industrial fuel conversion due to soaring prices of fuels.

The crude oil price, on the other hand, began to drop in August but still hovered high; this generated positive factors, such as inventory valuation impact reducing costs of sales, leading to increased profit.

The petrochemical business reported reduced profit mainly reflecting lower margins from FY2007 due to raw material price increases. As a result, the petroleum business segment reported sales of ¥1,967.7 billion for the first six months of FY2008 (up ¥403.1 billion from the same period of FY2007), operating income of ¥36.2 billion (up ¥8.1 billion) and ordinary income of ¥35.2 billion (up ¥5.3 billion).

In the oil exploration and production business segment, a lower sales volume and foreign exchange losses and other negative factors were offset by a positive factor of crude oil price hikes. The segment reported sales of ¥47.9 billion for the first six months of FY2008 (up ¥12.1 billion from the same period of FY2007), operating income of ¥29.6 billion (up ¥11.4 billion) and ordinary income of ¥29.5 billion (up ¥7.6 billion).

As a result of continued efforts for operating rationalization and management efficiency, the other business segment reported sales of ¥45.0 billion for the first six months of FY2008 (up ¥6.0 billion from the same period of FY2007), operating income of ¥900 million (up ¥100 million) and ordinary income of ¥1.0 billion (up ¥0 million).

Qualitative Information regarding Consolidated Financial Position:
Total assets as of the end of the second quarter of FY2008 (or September 30, 2008) amounted to ¥1,806.0 billion, up ¥178.1 billion from the end of FY2007 (or March 31, 2008), mainly reflecting increased inventories due to crude oil price hikes. Net assets as of September 30, 2008 were ¥493.3 billion, up ¥23.6 billion from March 31, 2008, with a net worth ratio of 25.8%.

As for consolidated cash flows as of the first six months of FY2008, net cash used in operating activities stood at ¥64.9 billion mainly reflecting an increase in inventories due to crude oil price hikes. Net cash used in investing activities stood at ¥29.7 billion mainly reflecting payments for the acquisitions of fixed assets.


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 19th Sep 2020

US firms in some sectors moving out of PRC: Goldman Sachs

Goldman Sachs has said US firms in only specific industries are...

Pic: Shutterstock

Apparel/Garments | On 19th Sep 2020

Sri Lanka's textile & garment exports down 25% in Jan-July

Sri Lanka’s earnings from textiles and garments exports decreased by...

Pic: Avery Dennison Fastener Solution

Apparel/Garments | On 19th Sep 2020

Avery Dennison’s new tag fastener degrades in soil

Avery Dennison Corporation Fastener Solutions has unveiled a tag...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Textile Industry, Head honchos

Textile Industry
Head honchos

Opportunity now to reimagine processes & systems in a digital environment

Headhonchos, Textiles & allied industry

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Iacopo Pardini,

Iacopo Pardini

Founded in 1953, Italian engineering company Arioli Spa started...

Prakhar Singh,

Prakhar Singh

Morgan Tecnica offers the largest and most modern range of solutions for...

Himanshu Fogla,

Himanshu Fogla

Jumac, pioneers in spinning can manufacturing in India, was founded in...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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


September 2020

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


Advanced Search