Tokyo, Nov. 12 (Jiji Press)–Three major Japanese oil wholesalers have posted record group net profits for the April-September period, as crude oil prices stayed high amid turmoil in the Middle East. They also recorded gains on oil inventory valuation, compared with losses a year earlier, according to earnings reports released by the three companies by Wednesday. Eneos Holdings Inc. posted a first-half net profit of 511.9 billion yen, up 7.9-fold from a year before. Idemitsu Kosan Co.’s net profit rose 5.2-fold to 322.4 billion yen, while that of Cosmo Energy Holdings Co. climbed 6.2-fold to 147.3 billion yen. Eneos and Idemitsu revised their full-year earnings forecasts upward, expecting crude oil prices to remain above previously projected levels. Eneos projected a full-year net profit of 615 billion yen, up 2.4-fold from the previous year. Cosmo left its forecast unchanged, projecting a decline in crude oil prices. Regarding future crude oil procurement sources, Eneos President Tomohide Miyata said the company would turn to U.S. crude oil if necessary. “We want to select the most suitable crude oil,” he said. Meanwhile, Idemitsu President Noriaki Sakai said his company would “consider increasing its purchases of crude oil from the Middle East” if the situation in the region returns to normal. END [Copyright The Jiji Press, Ltd.]
