Idemitsu Kosan Reports Rise in Profits and Sales; Petchem Sales Fall

Idemitsu Kosan recorded a 92% rise in net profits for its fiscal first quarter ended June 30, 2011, compared with the year-ago period, to ¥28.5 billion ($368 million). Sales increased nearly 13%, to ¥988 billion. The petrochemical business of Idemitsu Kosan recorded a 2.8% fall in first-quarter sales, compared with the year-ago period, to ¥130.1 billion, mainly due to fall in sales volumes, the company says. Operating profits for the petrochemical business decreased nearly 59%, to ¥1.1 billion, due to lower sales volumes and higher prices of...

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