TEPCO Swings into Annual Net Loss

Tokyo, May 1 (Jiji Press)--Tokyo Electric Power Company Holdings Inc. said Thursday that it swung into net loss in the fiscal year ended in March due to costs for decommissioning its disaster-stricken Fukushima No. 1 nuclear plant.

The company logged a group net loss of 454.2 billion yen, against the year-before profit of 161.2 billion yen, under the weight of over 900 billion yen in charges related to the decommissioning of the plant.

Revenue fell 7.1 pct to 6,328.5 billion yen as the company’s electricity sales volume shrank amid growing competition in the electricity retail market.

Operating profit rose 44.0 pct to 337.6 billion yen as profit margins expanded due to a time lag in reflecting lower fuel prices in electricity bills.

TEPCO’s free cash flow stood at a negative 103.2 billion yen, logging a negative figure for the eighth straight year.

[Copyright The Jiji Press, Ltd.]