Kepco revises projection upward

Kyodo

Kansai Electric Power Co. on Wednesday revised upward its financial projections for the first six months of the 2013 business year, citing higher than-expected revenues and cutbacks in facilities repair and other expenses.

The Osaka-based utility now expects a consolidated net profit of ¥15 billion for the April-September half, a sharp turnaround from the July 31 forecast of a ¥32 billion loss.

Kepco also now expects a ¥54 billion operating profit against the initial forecast of a ¥20 billion loss.

The utility also raised its revenue projection to ¥1.61 trillion from the initially forecast ¥1.58 trillion, saying this summer’s scorching weather led many households to use air conditioners for longer hours.

Kansai Electric did not release projections for the full year to March 31, noting it remains unknown when it will be allowed to restart its nuclear reactors.

Kepco will report its financial results for the April-September half on Oct. 30.