Kepco logs ¥99.5 billion net loss in first quarter

Kyodo

Kansai Electric Co. said Monday it posted a group net loss of ¥99.50 billion in the first quarter against a year-before profit of ¥34.47 billion as fossil fuel costs rose with the suspension of nuclear power plants.

Group sales for the April to June quarter of fiscal 2012, however, rose 0.1 percent to ¥648.30 billion.

Kansai Electric restarted two reactors at its Oi plant in Fukui Prefecture earlier this month, after the quarter ended.

The company refrained from estimating whole year earnings, citing uncertainties about the restart of other reactors taken offline because of the Fukushima No. 1 nuclear crisis.

“We would like to achieve the resumption of nuclear plants with the cooperation of the people and local governments and trigger an earnings recovery,” Kansai Electric President Makoto Yagi said at a news conference.