Japan's Inpex Halves Full-Year Net Profit Estimate on Oil Rout

Reuters

TOKYO, April 5 (Reuters) - Japanese oil firm Inpex Corp halved its full-year net profit estimate on Tuesday, as it was hit by impairment losses on upstream assets amid the sharp fall in crude oil prices.

Inpex now expects 26 billion yen ($235 million) in net profit for the fiscal year ended March 31, versus its previous forecast of 52 billion yen. However, it bumped up slightly its operating profit and revenue estimates.

(Reporting by Chris Gallagher; Editing by Muralikumar Anantharaman

Copyright 2016 Thomson Reuters. Click for Restrictions.

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