2020.06.15
Taiyo Oil hereby announces the financial statements for the 83rd fiscal year (April 1, 2019 - March 31, 2020).
Summary of Financial Statements for the 83rd fiscal year
During the fiscal year under review, sales volume increased (8.59 million kl, up 0.73 million kl from the previous fiscal year) as the result of safe and stable operation throughout the year without periodic maintenance work at both Shikoku and Yamaguchi Works, and net sales rose to 633.4 billion yen (up 0.46 billion yen from the previous fiscal year).
Regarding profit performance, a substantial decline in profit was recorded due to worsening margins for petrochemical products as well as inventory valuation losses arising from the sharp drop in crude oil prices against the backdrop of the breakdown of coordinated production cutbacks by OPEC Plus and the fall in demand for petroleum products caused by the spread of the novel corona virus. In particular, with regard to the valuation of inventories at the end of the term, a large amount of inventory valuation losses was recorded as the result of inventory evaluation reflecting net sale prices on the last day of the term; operating income was -21.7 billion yen (down 32.0 billion yen from the previous fiscal year), ordinary income was -21.5 billion yen (down 31.3 billion yen from the previous fiscal year), and net income was -19.9 billion yen (down 26.4 billion yen from the previous fiscal year), marking a year during which sales were up and profits were down.
Profit and Loss
（unit: JPY 100 million）
|
|
82nd fiscal year |
83nd fiscal year |
year-on-year |
|---|---|---|---|
|
Sales |
6,287 |
6,334 |
46 |
|
Operating income |
103 |
△217 |
△320 |
|
Ordinary income |
97 |
△215 |
△313 |
|
Net income |
64 |
△199 |
△264 |
|
(On a consolidated basis) |
|
|
|
|
Consolidated sales volume |
6,383 |
6,421 |
37 |
|
Consolidated ordinary income |
105 |
△204 |
△310 |
|
Consolidated net income |
68 |
△195 |
△264 |