February 13, 2020 / 5:55 AM / 6 days ago

JXTG sees profit hit from fall in oil prices due to coronavirus -official

TOKYO, Feb 13 (Reuters) - Japan’s biggest refiner, JXTG Holdings, said on Thursday it is likely its profitability will be hit by the fall in oil prices caused by a coronavirus outbreak in China that has cut demand for commodities.

Each $5 decline in crude oil prices will reduce the company’s annual operating profit by 32.5 billion yen ($296 million), JXTG senior vice president, Yoshiaki Ouchi said at an earning briefing.

$1 = 109.8400 yen Reporting by Yuki Nitta; Writing by Aaron Sheldrick; Editing by Tom Hogue

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