Japan's Cosmo cuts annual profit forecast by 41% on inventory loss

MOSCOW (MRC) -- Japanese oil firm Cosmo Energy Holdings on Thursday cut its net profit estimate for the year to March 31 by 41%, blaming a hefty appraisal loss on its crude inventories and slumping prices of petrochemicals, reported Reuters.It now forecasts an annual net profit of 8.5 billion yen (USD80 million), down from its May prediction of 14.5 billion yen."Our sales of key fuels, ma

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