TEPCO Posts Record Net Loss for April-Sept.

Tokyo, Oct. 30 (Jiji Press)–Tokyo Electric Power Company Holdings Inc. said Thursday that it posted a group net loss of 712.3 billion yen for April-September, marking a record net loss for the first-half period. The company recorded its first net loss in three years, following a net profit of 189.5 billion yen a year earlier. The loss mainly reflected an extraordinary loss of 904.1 billion yen booked in April-June for preparatory costs related to removing melted nuclear fuel debris from its Fukushima No. 1 power plant, which was severely damaged by the 2011 earthquake and tsunami. TEPCO saw its revenue fall 6.1 pct to 3,150.2 billion yen, reflecting a decrease in electricity sales. The company also booked a special loss of 62.1 billion yen due to increased compensation for damages caused by the nuclear accident. The company did not release its earnings forecast for the full fiscal year through March as it sees no prospect of restarting its Kashiwazaki-Kariwa nuclear power plant in Niigata Prefecture anytime soon. TEPCO’s free cash flow stood at a negative 245.8 billion yen as of the end of September. “We want to turn our business profitable as soon as possible,” TEPCO Representative Executive Vice President Hiroyuki Yamaguchi said at a press conference. END [Copyright The Jiji Press, Ltd.]