• Kyodo

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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.

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