Eneos Holdings, Japan's leading oil refiner, reported a 78% increase in net profit for the April-June quarter, driven by stronger margins in its materials and electricity sectors, along with significant inventory appraisal gains.

The net profit rose to 81.6 billion yen in the period, up from 45.8 billion yen a year earlier. Despite this substantial growth, the company maintained its annual profit forecast of 210 billion yen.

During a news conference, Senior Vice President Soichiro Tanaka stated that the operating profit, excluding inventory gains, could overall meet the initial forecast of 400 billion yen.

The refinery's run rate improved from 78% to 81%, driven by fewer unplanned shutdowns due to enhanced inspections and operational management. However, the July-September quarter's run rate will fall short of the company's initial target due to unplanned outages in July and August.