Japan Oil Refiners Enjoy Profit Surges in April-June
Tokyo, Aug. 14 (Jiji Press)--Major Japanese oil refiners have reported net profit surges for April-June, as higher crude prices led to inventory valuation gains and wider profit margins for oil products.
Industry leader JXTG Holdings Inc. <5020> posted a group net profit of 145.1 billion yen, up 7.6-fold from a year before. Showa Shell Sekiyu K.K. <5002> scored an 11.8-fold leap to 23.1 billion yen.
Idemitsu Kosan Co.'s <5019> net profit jumped 2.2-fold to 55 billion yen, and Cosmo Energy Holdings Co. <5021> saw its profit soar 4.4-fold to 20.5 billion yen.
The industry is heading for a triopoly, with Idemitsu and Showa Shell slated to merge in April 2019, two years after JXTG was launched through the integration of JX Holdings Inc. and TonenGeneral Sekiyu K.K.
Each group plans to promote measures to further boost profitability, including realignment of refineries.
[Copyright The Jiji Press, Ltd.]