Idemitsu Kosan revises earning forecasts for 2011

Idemitsu Kosan Co., Ltd. announced that it has revised its earnings forecasts for fiscal 2011. The Japanese oil company explained that previous business forecasts for FY2011 were estimates based on prevailing forecasted supply and demand, as well as market prices in the Third Medium-Term Management Plan. At that time, the effects of the Great East Japan earthquake on the Japanese economy were still uncertain. The new forecasts are based on actual market prices in the first quarter. Idemitsu Kosan’s total annual dividend projections remain unchanged at ¥150 (US$1.96) per share. Net sales are revised upward due to increased sales of heavy fuel oils for power stations. Projections for consolidated operating income, ordinary income and net income are increased due to higher prices of crude oil. (August 3, 2011)