Eneos, Cosmo Report Lower Net Profits

Tokyo, Feb. 15 (Jiji Press)--Japanese oil firms Eneos Holdings Inc. <5020> and Cosmo Energy Holdings Co. <5021> logged lower profits for the nine months ended in December as prices for petrochemical products declined amid a slowing economy in China.

Eneos saw its group net profit plunge 71.1 pct from a year earlier to 96 billion yen, while Cosmo's profit dropped 22.3 pct to 62.1 billion yen.

Rival Idemitsu Kosan Co.'s <5019> profit grew 24.9 pct to 249.6 billion yen thanks to its robust coal business.

All three companies reported higher sales due to higher crude oil prices.

The three firms lowered their earnings forecasts for the year ending next month as they expect smaller profits from inventory valuation amid a recent fall in oil prices and a stronger yen.

[Copyright The Jiji Press, Ltd.]