Idemitsu narrows loss due to better refining margins

Japanese refiner Idemitsu Kosan posted a consolidated net loss of ¥1.25 billion (US$13.2 million) for the January-March quarter, narrowing from a ¥15.28 billion (US$161.42 million) loss a year ago on the back of a pick-up in refining margins from early March, the company said. Idemitsu Kosan’s net profit for Fiscal 2009-2010 came in at ¥5.98 billion (US$63.17 million), up 79.9% from a year ago as a result of lower one-off losses, the company said. (April 28, 2010)