OREANDA-NEWS. Cosmo Oil Announces Financial Results for 9M of FY 2012

Consolidated net sales for the first nine month of FY2012 were 2,278.5 billion yen (up 49.0 billion yen from the same period of FY2011), operating income yen 11.2 billion (down 17.3 billion yen from the same period of FY2011), ordinary income 4.1 billion yen (down 20.1 billion yen from the same period of FY2011) and net loss for the period 81.5 billion yen (net loss 16.4 billion yen in the same period of FY2011).

As for the Company's financial position on a consolidated basis as of the end of the third quarter of FY2012, total assets as of December 31, 2012 amounted to 1,606.6 billion yen, down 68.5 billion yen from March 31, 2012, the end of the full-year FY2011, mainly reflecting decreased current assets, such as raw materials and supplies, due to decreased crude oil prices.

Net assets as of December 31, 2012 amounted to 253.4 billion yen, down 84.0 billion yen from March 31, 2012, mainly reflecting decreased retained earnings due to a review of realizability of deferred tax assets, with a net worth ratio of 14,2%.

At the end of the first half of FY2012 (as of September 30, 2012), the Company failed to comply with restrictive financial covenants in some of syndicate loans contracts the Company has executed with a plural number of financial institutions. The Company has discussed with and obtained approval from the related financial institutions of the waiver of the covenants and the continuation of the existing loans.