According to the company’s financial report for the first half of fiscal year 2024 (April-September) released on November 5, the consolidated net profit reached 14.1 billion yen, an increase of 64% over the same period last year. The main driving force behind the performance growth came from the “Tangguh LNG”, a liquefied natural gas (LNG) project undertaken by the company in Indonesia. After completion in 2023, the project successfully passed the performance verification test. As the provisions previously set aside to deal with possible test failures were reversed, the overall profitability of the project increased significantly.
The company has chosen to maintain its original forecast for the full year ending March 2025. It expects full-year operating income to fall 11% year-on-year to 450 billion yen, but expects to turn a profit of 15 billion yen (compared with a loss of 15.8 billion yen in the previous fiscal year).
Although the net profit in the first half of the year has achieved more than 90% of the full-year target, the company said that this was mainly due to some one-off factors. At the same time, the company also took into account the uncertainties such as the impact of the bankruptcy of the partner in the Golden Pass LNG project in the United States and the fact that a formal contract has not yet been signed with the new partner.
