Forbes/AFX News Limited: Japan's Showa Shell more than doubles 9-months net profit, lifts FY forecasts: Wednesday 16 November 2005
TOKYO (AFX) - Showa Shell Sekiyu KK reported that its net profit for the nine months to September was more than double that of a year before, and again raised its full-year forecast, reflecting the surging value of inventories because of high global oil prices.
The earnings of oil refiners can be strongly influenced by big changes in oil prices, because they re-evaluate their inventories quarterly.
Showa Shell, a unit of the Royal Dutch/Shell group, reported that its nine-months net profit jumped to 45.63 bln yen from 20.61 bln yen a year earlier.
Operating profit nearly doubled to 77.83 bln yen from 39.14 bln yen and revenue jumped 21.9 pct to 1.61 trln yen.
Having increased its full-year forecasts in August after releasing strong first-half results, Showa Shell again raised its earnings estimates.
It hiked its full-year forecasts of net profit to 53 bln yen from 47.0 bln yen, of current profit to 90 bln yen from 80.0 bln yen and of revenue to 2.26 trln yen from 2.25 trln yen.
ys/jm
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