Utility logs ¥627 billion first-half loss over crisis

Kyodo

Tokyo Electric Power Co. reported Friday a group net loss of ¥627.30 billion for the April to September period, pressured by rising fuel expenses for power generation and massive costs to deal with the crisis at the Fukushima No. 1 nuclear plant.

The figure compares with a ¥92.29 billion net profit for the fiscal first half a year earlier. The utility reported an operating loss of ¥60.60 billion for the six-month period, in a reversal from a year-earlier operating profit of ¥235.81 billion.

Group sales dropped 7.7 percent to ¥2.50 trillion, affected by falls in electricity sales due to energy-saving efforts by its customers in the aftermath of the March 11 earthquake and tsunami that triggered the Fukushima nuclear crisis.

For the full year ending next March, the utility said it expects to post a group net loss of ¥600 billion, an improvement from the ¥1.25 trillion net loss the previous year, and operating loss of ¥305 billion.

Tepco projects consolidated sales to fall 1.0 percent to ¥5.32 trillion.