Tokyo Electric Power Co. moved into the black in fiscal 2013 thanks to drastic cost-cutting efforts taken in response to the Fukushima nuclear disaster.
Tepco is restructuring after effectively being put under state control after the March 2011 quake and tsunami triggered core meltdowns at its Fukushima No. 1 power plant. The resulting cleanup, waste management, fuel, compensation and litigation costs are bleeding the utility dry.
On Wednesday, Tepco reported a group net profit of ¥438.65 billion in fiscal 2013 ended March 31, compared with a loss of ¥685.29 billion the previous year. It also posted a group pretax profit of ¥101.42 billion against a loss of ¥326.96 billion in fiscal 2012.