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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Nippon Mining slashes profit f'cast on oil slide Reuters - Saturday, November 1 By Risa Maeda TOKYO, Oct 31 - Japan's Nippon Mining Holdings <5016.T> on Friday cut its full-year profit forecast by 75 percent as weaker oil prices eat into the value of its inventory, offsetting improvements in refinery margins. The downward revision was the latest gloomy news on earnings from a resource company. Japan's top refiner, Nippon Oil Corp <5001.T>, earlier this week issued a loss warning for the year to next March, also blaming a fall in oil prices. [ID:nT187654] Nippon Mining Holdings, three-quarters of whose revenue is from oil refiner Japan Energy, now expects to post group net profit of 18 billion yen in the year to next March, down from 72 billion yen in its previous forecast. The holding firm's 2007/08 profit totalled 99.3 billion yen. Most of the remaining revenue is from its metals units, including Nippon Mining and Metals. Nippon Mining Holdings also said it would cut this year's capital investment plan by 20 billion yen to 135.5 billion yen due to growing uncertainty in business conditions. " is tough under the current financial conditions. It is tough in regard of the earnings, as well," Nippon Mining CFO Kiyonobu Sugiuchi said at a news conference. He declined to give further details on the downgrade in planned spending. The holding firm's group net profit for the six months to September fell 10 percent to 45.8 billion yen from a year earlier. The company now expects the spot Dubai crude oil price to fall to $65 a barrel on average in the second half, which will have a major negative impact on its full-year earnings, Sugiuchi said. In April, its estimate on the oil price for the whole year was $93 a barrel, but it is now $90.1. The company also revised down its estimate on copper prices on the London Metal Exchange. It now estimates $2 per lb on average in the second half and $2.83 for the whole year. Similarly, Nippon Oil this week revised down its estimate of the spot Dubai crude oil price to around $80 a barrel in the coming months, compared with around $110 it said in July, when the refiner last revised its full-year earnings forecast. Its estimate on the oil price for the year to March 2009 is now $97.8 on average, instead of $111.8 estimated in July, a Nippon Oil spokesman said on Friday. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Nippon Mining slashes profit f'cast on oil slideReuters - Saturday, November 1 Oil prices extend losses in Asian tradeAFP - Friday, October 31 Nigeria cuts oil exportsAP - Friday, October 31 LUKOIL slashes 2009-2011 capex plan on oil priceReuters - Friday, October 31 Related Articles: Business Treasury bill rates fall even as stocks reboundAP - Saturday, November 1 Evidence of a recession grows higherAP - Saturday, November 1 Vodafone offers Storm free in U.K. with 2-yr planReuters - Saturday, November 1 Ag futures fall on Chicago Board of TradeAP - Saturday, November 1 TOPWRAP 13-Gloomy US consumers cut spending, Japan cuts ratesReuters - Saturday, November 1 Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Japan joins wave of rate cuts as recession fears grow McCain, Obama step up battleground blitz Australian F1 race posts record financial loss BBC chief quits, star presenter suspended over offensive prank When men see red, they see hot: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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