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JAPAN'S TONENGENERAL SEKIYU HIKES H1 PROFIT FORECAST TO US$248 MLN.
TOKYO, Aug 1 Asia Pulse - TonenGeneral Sekiyu KK (TSE:5012) has revised upward, to 31 billion yen (US$248.07 million) from 22 billion yen, its consolidated operating profit estimate for the first half-year through June, company officials said Tuesday.
The upward revision is attributed to higher-than-expected profit margins on its oil products, due to the severe winter in the Jan.-March quarter, and strong earnings at subsidiary Tonen Chemical Corp.
The large oil company was formed through the merger of Tonen Corp. and General Sekiyu KK last July. The two oil companies did not release group half-year earnings last year.
Therefore, the operating profits of the two firms' group companies a year ...
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...Corp. increased its stake in the Japanese oil firm General Sekiyu KK to 50.1% from 49%. Exxon subsidiary Esso Eastern Inc...its share of General Sekiyu to 48.6% from 47.5%; Esso Sekiyu KK, a wholly owned subsidiary of Esso Eastern, owns another...
Source: HighBeam Research, JAPAN'S TONENGENERAL SEKIYU HIKES H1 PROFIT FORECAST TO US$248 MLN.