Sat, Apr 20, 2019 - Page 12 News List

CPC adds losses totaling NT$3bn to last year’s results

Staff writer, with CNA

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) has decided to add more than NT$3 billion (US$97.3 million) in asset impairment losses from overseas investments to its results for last year.

CPC said it made the move to meet the International Financial Reporting Standards.

The state-run oil supplier said it recorded about NT$3.2 billion in asset impairment losses because of investments in an Australian mining project and mining fields in Niger.

The booked losses were not expected to affect its bottom line, as they could be reversed if crude oil prices increase, CPC said.

The refiner said it has booked about NT$3.18 billion in gains from its investment in the Ichthys LNG project, also in Australia, for last year.

After the adjustments, CPC said its pretax profit for last year stood at NT$43.7 billion, compared with NT$50.4 billion in pretax profit recorded a year earlier.

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