Japanese refiner and marketer Showa Shell Sekiyu K.K. reported second-quarter net income attributable to owners of the parent of ¥46.5 billion, up 190% from the ¥16 billion reported for the same period in 2017.
Net sales for the quarter were pegged at ¥1.2 trillion, 29% higher than the ¥947.5 billion reported for the corresponding quarter in 2017. Operating income saw a 216.6% increase to ¥74 billion, compared to the ¥23.3 billion reported for the same quarter in 2017. The company cited improved margins for petroleum products in the domestic market as reasons for the increase.
Showa Shell's oil business made up the bulk of its revenue. Total sales for the quarter totaled ¥1.17 trillion, compared to ¥897.9 billion in the same period in 2017. The segment's operating income totaled ¥75.1 billion for the quarter, up from ¥27.1 billion in the second quarter of 2017.
The company revised its guidance for 2018, with net sales expected at ¥3.2 trillion, from the ¥2.6 trillion announced in May. Operating income for the year is projected at ¥158 billion, up from the ¥98 billion. Net income attributable to owners of the parent was bumped up from a May forecast of ¥66 billion to a new expectation of ¥100 billion.
As of Aug. 8, US$1 was equivalent to ¥110.94.