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COVID-19 - News digest as of 20.05.2021

May 20/2021

1. Idemitsu halves its profit outlook for 3 years to March 2023 as COVID-19 pandemic hits fuel demand

MOSCOW (MRC) -- Japanese oil refiner Idemitsu Kosan Co more than halved its profit forecast for the three years to March 2023 as the COVID-19 pandemic hit fuel demand, forcing it to make a tougher assumption for longer-term demand, reported Reuters. Idemitsu revised its 3-year business plan unveiled in November 2019, now predicting an accumulated net profit of 220 billion yen (USD2 billion) for the three years ending March 2023, instead of its earlier target of 480 billion yen. It has only been a year and a half, but the environment has undergone tremendous changes with the unprecedented crisis of coronavirus pandemic, green recovery and carbon-neutral declaration by the Japanese government, Idemitsu President Shunichi Kito told a news conference.

2. Indiian Indorama Synthetics posts net profit of US17.6 mln for Q4 FY20-21 versus net loss a year earlier

MOSCOW (MRC) -- Indorama Synthetics (India) Limited, one of Indias major polyester manufacturer, has announced its results for the quarter and financial year ended March 31, 2021, according to Kemicalinfo. The company reported a net profit of Rs 128.65 crores (USD17.6 million) for the quarter ended March 31, 2021, against a net loss of Rs 50.08 crores (USD6.8 million) in the prior-year quarter.
Author:Margaret Volkova
Tags:polyether, crude and gaz condensate, propylene, PET-granulate, ethylene, fibers/filaments, petrochemistry, Idemitsu, Indorama Synthetics, COVID-19, India, Japan.
Category:General News
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