ENEOS Holdings Q1 profit plunges 63% on inventory hit

ENEOS Holdings reported Q1 profit before tax fell 63% to 44.4bn yen, with profit attributable to owners dropping to a 14.5bn yen loss from 81.6bn yen profit previously.

The decline was driven by an 84.8bn yen negative impact from inventory valuation due to falling oil prices. However, operating profit excluding inventory valuation rose 22bn yen to 135.1bn yen on improved petroleum product margins.