Arabian Oil Co. said Thursday its group net profits for the business first half through June 30 came to 1.92 billion yen.
It added that its group pretax profits totaled 25.84 billion yen while its revenues came to 81.58 billion yen.
Comparable figures for the same period a year ago were not available.
The Japanese oil producer, currently in talks with Kuwait over drilling rights on the Kuwaiti side of the Khafji oil field, said its group net profits per share came to 36.05 yen for the half-year period.
The company said its interim earnings reflected an increase in demand for oil and higher crude prices.
For the full year ending Dec. 31, the company forecasts group net profits of 3 billion yen and group pretax profits of 48 billion yen on revenues of 153 billion yen.
On an unconsolidated basis, Arabian Oil posted net profits of 215 million yen, while last year it lost 18.12 billion yen. It registered pretax profits of 23.21 billion yen, down 4.7 percent, on revenues of 78.20 billion yen, down 5.9 percent.
Oil firm renamed
Indonesia Petroleum Ltd., a state-backed firm that specializes in oil and natural gas resources development, said Thursday it will rename itself INPEX Corp. on Saturday.
The company had announced in June that it planned to change its name to INPEX but did not specify a date.
The company, which is 50 percent owned by Japan National Oil Corp., kicked off its operations in Indonesia but now operates worldwide.