Tuesday, March 12, 2013
Osaka Gas To Double Overseas Investment In FY13
OSAKA (Nikkei)--Osaka Gas Co. (9532) will invest a record 83 billion yen abroad in the year through March 2014, roughly double the amount projected for the current year ending March 31.
Under the city gas company's fiscal 2013 business plan, released Tuesday, some of the investment will be used to acquire new concession rights to gas fields, as well as to fund the Ichthys and Gorgon liquefied natural gas projects in Australia.
In Japan, Osaka Gas will increase spending on ongoing pipeline projects in locations including Hyogo and Shiga prefectures.
Total investment will thus likely rise 42% on the year to a record 182 billion yen in fiscal 2013.
Osaka Gas estimates that group sales will climb 10% to 1.5 trillion yen. Pretax profit is forecast to go up 5% to 100 billion yen, and net profit to grow 6% to 64.5 billion yen.
The company sees its domestic gas sales increasing slightly, with an economic recovery boosting industrial demand, offsetting weaker demand from households. The electric power business is expected to maintain its solid performance in fiscal 2013.
(The Nikkei, March 13 morning edition)