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Inpex Sees $606 Million of Writedowns as Oil Prices Decline

npex Corp., Japan’s biggest oil and gas explorer, expects to book 67 billion yen ($606 million) in impairment charges for the year just ended following the collapse in oil and gas prices.

The charge will probably reduce net income to 26 billion yen for the 12 months ended March 31, half the 52 billion yen the company projected in February and 67 percent lower than the 77.8 billion yen in profit a year earlier, the Tokyo-based company said in a preliminary earnings statement Tuesday. Sales probably fell 14 percent on year to 1.01 trillion yen.

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