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Nippon Oil's April-June Group Net Jumps 63% on Higher Oil Prices

Posted on: Tuesday, 2 August 2005, 12:00 CDT

Aug. 2--TOKYO -- Nippon Oil Corp. said Tuesday its group net profit in the April-June quarter jumped 63.0 percent from a year earlier to 39.93 billion yen on the strength of a sharp rise in crude oil prices and higher profit at its oil and gas development division.

The firm's consolidated pretax profit in the first quarter of fiscal 2005 doubled to 72.58 billion yen as sales expanded 19.4 percent to 1,237.83 billion yen. Its petroleum product sales in volume terms in Japan increased 3.2 percent to 13.13 million kiloliters.

The average crude oil price for the quarter soared to $48.1 per barrel from the year-before level of $33.4.

Nippon Oil's oil and natural gas development division doubled sales to 32.02 billion yen and operating profit to 15.56 billion yen.

The oil company raised earnings forecasts for fiscal 2005 due to higher-than-expected crude oil prices and the addition of three oil and gas developers as consolidated subsidiaries.

It now expects to earn 100 billion yen in fiscal 2005 group net profit, still down from 131.52 billion yen in fiscal 2004, on 5,400 billion yen in sales, up from 4,924.16 billion yen in the previous year.

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Source: Kyodo News International, Tokyo

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