3 Major Japanese Oil Distributors' Net Profits Drop
Tokyo, May 16 (Jiji Press)--Three major Japanese oil distributors suffered drops in their consolidated net profits in fiscal 2018, which ended in March.
All of the three companies--JXTG Holdings Inc. <5020>, Idemitsu Kosan Co. <5019> and Cosmo Energy Holdings Co. <5021>--recorded rises in sales, helped by higher prices of gasoline and other petroleum products on the back of a rise in crude oil prices.
But their net profits dropped due mainly to reductions in crude oil inventory valuations that reflected market fluctuations.
Idemitsu saw its sales rise 18.6 pct from a year before to 4,425,144 million yen.
Also supported by growth in the oil development business, sales increased 8.0 pct to 11,129.630 million yen at JXTG and gained 9.8 pct to 2,770,365 million yen at Cosmo.
[Copyright The Jiji Press, Ltd.]