Japan's Inpex on Thursday forecast a 38% fall in net income to 270 billion yen ($2 billion) and a 19% fall in sales to 1.9 trillion yen this year, hit by lower oil prices and a stronger yen.
The country's top exploration and production company sees the average Brent oil price falling to $75 per barrel in 2023 from $99 per barrel last year, and the yen rising to 125 per U.S. dollar from 131.6 in 2022, it said.
It also said it sees sales falling to 1.9 trillion yen this year after an 87% increase to 2.3 trillion yen in 2022.
Last year's sales were backed by a 40% increase in the average Brent oil price and a weaker yen which lost 20% against the U.S. dollar, it added. The company posted a 97% increase in full-year net profit to 438.2 billion yen in 2022.
Inpex shares closed 0.5% up on Thursday after the profit forecast. Inpex plans to invest 496 billion yen into its business development this year, up from 336 billion yen spent in 2022, it said.
It plans to pay a total of 62 yen per common share in last year's dividends and increase the payout to 64 yen per common share on 2023 results, it said.
($1 = 131.2300 yen)
(Reuters - Reporting by Katya Golubkova; Editing by Janane Venkatraman)
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