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Inpex posts lower annual net income, higher sales

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Inpex posts lower annual net income, higher sales

Inpex Corp. said its net income fell in the fiscal year that ended March 31.

The Japanese oil company recorded net income attributable to owners of the parent of ¥40.30 billion, or ¥27.64 per share, down from ¥46.10 billion, or ¥31.61 per share in the prior fiscal year.

Its EPS for the year fell short of the S&P Capital IQ consensus EPS estimate of ¥36.59 per share.

Net sales for the year rose to ¥933.70 billion, from ¥874.40 billion in the prior fiscal year. Crude oil sales climbed by 15.1%. Cost of sales rose to ¥498 billion from ¥453.80 billion reported in the comparable period.

In addition, operating income climbed to ¥357.30 billion from ¥336.40 billion in the prior year. The company's ordinary income rose by 16% to ¥387.20 billion from the previous year's ¥333.80 billion.

The company also confirmed its financial forecast for the next 12 months, including annual sales of ¥860 billion, operating income of ¥377 billion and net income of ¥48 billion.

Inpex paid total annual dividends of ¥18 per share for the year and projected the same amount for the next fiscal year.

As of May 14, US$1 was equivalent to ¥109.61.