Japan's major refiners expected to post $3.6 bln losses on oil slump

viernes 12 de febrero de 2016 06:26 GYT
 

TOKYO, Feb 12 (Reuters) - Plunging commodity prices are
expected to drive major Japanese oil refiners to post losses
totalling nearly 400 billion yen ($3.56 billion) in the 2015
business year, hurt by massive inventory losses as oil prices
slump.
    Five major refiners will post a total of 544 billion yen in
inventory losses, according to Reuters calculations based on
company estimates. That follows a 792 billion yen loss in the
previous year.
    Top refiner by sales, JX Holdings, and
second-ranked Idemitsu Kosan both said they will incur
losses in the year ending March 31. JX expects a record net loss
of 330 billion yen ($2.74 billion) in fiscal 2015 while Idemitsu
warned of a 13 billion yen loss.  
    TonenGeneral Sekiyu on Friday reported a small net
profit for January-December, making it the only one among the
major refiners that has weathered the global downturn in oil
prices.
    Globally, top oil companies have struggled to cope with a
roughly 70 percent decline in oil prices since their 2014 peak,
triggering a wave of spending cuts on new wells and projects to
conserve cash. 
    Following are the net profit/loss results/projections for
major Japanese refiners. Units are in billion yen.
    TonenGeneral Sekiyu and Showa Shell Sekiyu 
report earnings on calendar year basis, while three others'
business year ends on March 31.
    
                           FY2015             FY2015
        Company   Net profit/loss     inventory loss
             JX              -330                265
       Idemitsu               -13                 80
   TonenGeneral              0.05               87.1
          Cosmo               -27                 57
    Showa Shell             -27.4               54.8
          Total           -397.35              543.9
    
($1 = 112.4400 yen)

 (Reporting by Osamu Tsukimori; Editing by Anupama Dwivedi)