Tokyo Electric Power Co., the operator of the Fukushima No. 1 nuclear power plant, reported a 26 percent decline in second-quarter operating profit due to fuel-price adjustments, as its users consumed less energy.
Tepco posted an operating profit of ¥156.8 billion for the three months ended Sept. 30, down from ¥212.6 billion a year ago, according to calculations based on first-half results released by the Tokyo-based company Thursday.
With the utility strapped by Fukushima decommissioning costs and struggling to win approval to restart its remaining nuclear reactors, the drop in sales has squeezed the company's profit. Revenue in the quarter dipped 11 percent to ¥1.58 trillion as competition increased amid a jump in new power producers and a drop in Japan's economic output.