TonenGeneral swings to net profit in 2010

ExxonMobil’s Japanese refining arm TonenGeneral, which has a combined refining capacity of 661,000 barrels per day (BPD) across three refineries in Japan, posted a net profit of ¥42.8 billion (US$514.5 million) for 2010, compared with a ¥21.7 billion (US$260 million) net loss in 2009. TonenGeneral’s revenue also surged 13.6% year-on-year to ¥2.399 trillion (US$28.8 billion) in 2010, compared with ¥2.112 trillion (US$25.3 billion) in 2009. They also reported an operating profit of ¥33.5 billion (US$402.7 million) in its fiscal year that ended on December 31, 2010, compared with an operating loss of ¥34.6 billion (US$415.9 million) in 2009. TonenGeneral attributed its rise in profit to improvement in its oil segment margins. Meanwhile, TonenGeneral is forecast to post a net profit of ¥121 billion (US$1.4 billion) on revenues of ¥2.6 trillion (US$31.2 billion) for its fiscal year ending December 31, 2011. (February 14, 2011)