Inpex ramps up profit in Q2

Oil gain: Increased earnings for Inpex on higher crude volumes

Japan’s Inpex boosted its quarterly net profit by 74.9% in the second quarter compared to the same period last year thanks to higher oil sales and foreign exchange gains.

The Tokyo-headquartered oil and gas company earned 52.4 billion Japanese yen ($512 million) between 1 April and 30 June compared to 29.9 billion in the year-ago period.

Net sales rose 12% over the same timeframe to 341.1 billion yen while average Brent oil prices rose 6.2% to $109.77 per barrel.

The yen’s value against the dollar depreciated by 3.4% compared to the second quarter of 2013, lifting the value of international sales while also causing costs to rise, Inpex said.

The company sold 20.31 million barrels of crude oil in the quarter, up 8.7%, and 75.51 billion cubic feet of natural gas, down 7.2%.

Inpex warned that it now expected sales to decline by around 1.1% for the year between 1 April 2014 and 31 March 2015, but said it would still raise net profit by a forecasted 4.1%.

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