Arabian Oil Co. said Wednesday it marked its third consecutive year in the red for the business year that ended Dec. 31, citing damage from one-off losses.
Japan’s largest oil producer said it incurred group net losses of 16.15 billion yen, or 303.94 yen per share, compared with losses of 2.87 billion yen, or 53.99 yen per share, the previous year.
The losses were related to an early retirement program and the transfer of assets following the loss of oil concessions in Saudi Arabia.
Group pretax profits edged down 0.6 percent to 52.12 billion yen, while group sales fell 4.3 percent to 176.07 billion yen.
Arabian Oil lost its drilling concessions in the Khafji oil field, located near the former neutral zone between Saudi Arabia and Kuwait, in February 2000.
For the current business year, however, Arabian Oil expects to return to profitability with group net profits of 2.3 billion yen and group pretax profits of 41.4 billion yen on sales of 139 billion yen.
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