Japanese refiner Showa Shell Sekiyu KK on late Tuesday posted a consolidated net profit ...
Japanese refiner Showa Shell Sekiyu KK on late Tuesday posted a consolidated net profit of Yen 12.5-bil($108-mil) for year 2000 ended Dec 31, a 583.7% surge from Yen 1.8-bil in 1999. Its consolidated pretax profit also ballooned 219.2% year-on-year to Yen 37.6-bil. Showa Shell changed its inventory valuation method from the last-in-first-out to the average-cost method. The refiner, however, said it was not able to fully transfer its crude import cost to its domestic product prices. Its consolidated sales for 2000 rose 20.1% on the year to Yen 1.6 trillion, with its unconsolidated total sales volume up 2.5% on the year to 43-mil kiloliters (264-mil bbl). The figure for consolidated sales volume was not available.