JX Holdings post 56% fall in first half net profit

JX Holdings Inc., Japan’s largest oil refiner and copper smelter by capacity, posted a 56% fall in the company’s group net profit during the first half of the fiscal year. JX Holdings cited the damages caused by the March earthquake and tsunami as the major cause for the loss, but it also cited lower inventory valuation because of a stronger yen. JX Holdings had ¥126.7 billion (US$1.6 billion) net profit in the first half of this fiscal year beginning April, against ¥286.7 billion a year earlier (US$3.6 billion). As prices of copper and oil products increased, group revenue was up by 12% at ¥5.08 trillion (US$74 billion). For 2011 till March 2012, JX Holdings revised its profit and revenue outlook by trimming oil inventory valuation because of the stronger yen. From a forecast of ¥200 billion (US$2.5 billion) in net profit on ¥10.3 trillion (US$121 billion) of revenue, the company’s current forecast is ¥170 billion (US$2.17 billion) of net profit on ¥10.25 trillion (US$131 billion) of revenue. (November 4, 2011)