Kansai Electric Logs 1st April-Sept. Earnings Growth in 6 Yrs
Osaka, Oct. 28 (Jiji Press)--Kansai Electric Power Co. <9503> said Monday that its April-September group sales and profits rose from the year-before levels for the first time in six years.
The company posted sales of 1,634,197 million yen in the six months to Sept. 30, up 1.5 pct, as its strong housing and gas sales operations covered the sluggishness of its mainstay power supply business that stemmed from electricity rate cuts in July last year.
Thanks to a fall in thermal fuel and other costs, the firm's operating profit in the first half of fiscal 2019, which ends next March, shot up by 33.7 pct to 145,381 million yen, and its net profit by 55.5 pct to 113,173 million yen.
Kansai Electric President Shigeki Iwane was absent from a press conference on Monday to announce the first-half earnings, held at the company's headquarters in the western Japan city of Osaka.
Iwane went to hospital after attending the day's board meeting, a Kansai Electric official said, adding that he is believed to be suffering from extreme fatigue.
[Copyright The Jiji Press, Ltd.]