Cathay Pacific orders 11 Airbus A330-900 jets at $5.1 billion list price
The airline expects to pay less after discounts and also ordered three A321neo aircraft for its budget subsidiary HK Express.
Eneos raises fiscal 2026 profit forecast 48% despite renewables impairment
The Japanese refiner lifted its net profit outlook to 615 billion yen, citing higher crude and overseas petroleum product prices.
Japan’s largest oil refiner, Eneos Holdings, increased its fiscal 2026 net profit forecast by 48% on November 11, saying oil prices had exceeded expectations. The company now projects earnings of 615 billion yen for the fiscal year ending in March 2027, compared with 415 billion yen forecast in May.
Eneos attributed the upgrade to higher crude prices and stronger prices for petroleum products overseas. Its April-September net profit reached 511.9 billion yen, nearly eight times the year-earlier level.
The improved outlook came despite an impairment of 111.8 billion yen recorded against its renewable energy business in July-September. The charge mainly concerned goodwill tied to the company’s purchase of Japan Renewable Energy in 2022.
CEO Tomohide Miyata said crude supplies from outside the Middle East briefly accounted for nearly half of procurement after March. That proportion is now ranging from a few percent to 20%. Eneos will weigh further diversification with the government, considering the economics of Japan’s energy supplies, he said.
Miyata said Eneos would keep assessing new renewable energy projects, although opportunities had become extremely limited because renewable energy’s value had not kept up with rising costs.