Japan's Idemitsu ups profit forecast, to split shares

Cosmo Energy Holdings Co

14/11/2023 06:53

Nov 14 (Reuters) - Japan's second-biggest oil refiner,
Idemitsu Kosan Co  5019.T , on Tuesday raised its full-year net
profit forecast as higher oil prices along with a weaker yen
boosted inventory valuation, also announcing a share split to
attract more investors.
    Idemitsu increased its net profit forecast for the year
through March 2024 by 80% to 180 billion yen ($1.2 billion),
following upwards profit revisions last week by peers Eneos
 5020.T  and Cosmo Energy Holdings  5021.T . 
    To "facilitate investments in the company by investors of
various age groups", Idemitsu said it would split each common
share into five shares and plan to pay a 16-yen-per-share
year-end dividend, equivalent to 80 yen per share before the
split, up from 60 yen in a pre-split forecast. 
    Its half-year net profit to Sept. 30 was down 41% to 165
billion yen on weaker oil and coal prices compared to the same
period a year ago. 
    
    ($1 = 151.6700 yen) 

 (Reporting by Katya Golubkova; Editing by Tom Hogue)
 ((ekaterina.golubkova@thomsonreuters.com;))