Idemitsu Kosan’s profit slumps 94% on inventory losses

摘要

Tokyo—Japanese refiner Idemitsu Kosan posted a consolidated net profit of Yen 2.4 billion ($30 million) from April to September, down 94.3% from Yen 42.8 billion net profit in the year-ago period, due to inventory losses. Idemitsu’s Yen 2.4 billion net profit, however, beat its August 7 forecast of a Yen 7 billion net loss in the April-September period, as higher crude prices helped stem some of its inventory losses, the company said November 6.