Tokyo Electric said Friday that it stayed in the black in fiscal 2016 for the fourth consecutive year thanks to cost-cutting efforts after the 2011 triple core meltdown at the Fukushima No. 1 power plant.
But the beleaguered utility, which is effectively under state control, said group pretax profit sank 30.2 percent to ¥227.62 billion in the year ended March 31, partly because electricity prices dropped in line with the decline in crude oil prices.
Consolidated net profit was ¥132.81 billion, down 5.7 percent, after an extraordinary loss of ¥392 billion was booked to account for compensation payments triggered by the Fukushima disaster. Sales fell 11.7 percent to ¥5.36 trillion.