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Cosmo Oil quarterly pre-tax profit falls 60%

Cosmo Oil Co. Ltd.’s pretax profit likely plunged 60% to slightly more than 10 billion yen (US$111.50 million) in the April-June quarter as margins thinned in its main refining business, the Nikkei business daily reported. The results, however, were still better than the Japanese company’s 14.9 billion yen (US$166.14 million) loss in the January-March period. “Rising crude oil prices led to more than 10 billion yen (US$111.50 million) in inventory valuation gains. But slumping demand for gasoline, diesel and heavy oil eroded margins at refinery operations,” the Nikkei said. (July 28, 2009)