OREANDA-NEWS. The Idemitsu Group’s net sales for the first quarter of fiscal 2013 were 1,106.2 billion yen, an increase of 4.7% compared with the same period of the preceding year, due to increased import prices for crude oil resulting from the weakened Japanese yen. Operating income climbed by 57.5% from the same period of the previous year to 13.6 billion yen, affected by a valuation gain on inventories resulting from the increased Japanese yen - denominated crude oil prices, and ordinary income was 16.1 billion yen, up 80.5% against the same period of the previous year, assisted partly by increased equity in the earnings of affiliates.

In addition to the results above, net income for the first quarter of fiscal 2013 was 22.6 billion yen, up 22.9 billion yen compared with the same period of the preceding year, assisted partly by increased extraordinary income, including insurance proceeds.

Net sales of the petroleum products business for the first quarter of fiscal 2013 increased by 6.2% compared with the same period of the previous year to 918.2 billion yen, supported mainly by increased import prices for crude oil due to the weakened yen. Operating income increased by 9.1 billion yen compared with the same period of the previous year to 4.1 billion yen, assisted by an expanded valuation gain on inventories due to the increased Japanese yen - denominated crude oil prices, despite the contraction of product margins.

Net sales of the petrochemical products business for the first quarter of fiscal 2013 increased by 10.6% from the same period of fiscal 2012 to 149.0 billion yen, due primarily to hikes in naphtha prices on a customs clearance basis owing to the weaker Japanese yen. Operating income rose by 480.4% from the same period of the preceding year to 9.9 billion yen, assisted by expanded product margins due to market prices for styrene monomer and other products hovering at high levels.