Lower Costs, Higher Margins Boost Idemitsu's Petchem Profits

Idemitsu Kōsan says that operating profits at the company's petrochemicals business soared by 50% in its fiscal first quarter, ended June 30, 2012, to ¥1.7 billion ($22 million) compared with the year-earlier period. Cost-cutting and rationalization efforts boosted profits, as did higher margins caused by naphtha feedstock costs declining at a faster rate than petrochemical product prices, Idemitsu says. Idemitsu's petrochemical sales increased 3% year-on-year, to ¥134.7 billion. The sales hike was achieved despite a decline in volumes caused by...

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