Idemitsu Kosan slashes group net profit estimate for FY 2008

Thu. April 16, 2009; Posted: 04:37 PM

TOKYO, Apr 16, 2009 (Kyodo News International - McClatchy-Tribune Information Services via COMTEX) -- IDKOY | Quote | Chart | News | PowerRating -- Idemitsu Kosan Co. said Thursday it has lowered its estimate of group net profit for the year ended March to 2.8 billion yen, down sharply from 20 billion yen forecast in February, due partly to cancellation of construction of an oil reserve facility and valuation losses on stock holdings.

The oil wholesaler now projects group sales of 3.80 trillion yen, down from its earlier estimate of 3.91 trillion yen, and pretax profit of 89 billion yen, against the previous forecast of 90 billion yen.

The oil company estimates 28 billion yen in extraordinary losses, widened from the previously projected 19 billion yen.

The scrapping of the oil stockpiling project accounted for 4.8 billion yen of the losses. The company had planned to create an oil reserve in Himeji, Hyogo Prefecture, but gave up on the idea on the grounds that shrinking oil demand due to the economic recession has rendered such a service unnecessary, resulting in the idling of the land set aside for the project.

The company will also write down 17.1 billion yen worth of appraisal losses on its shareholdings for fiscal 2008.

Idemitsu said, however, it will pay out a year-end dividend of 75 yen per share, which will leave its plan to pay an annual dividend of 150 yen per share unchanged.

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