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Japan's Tepco reports $4.57 billion quarterly net loss

Published on Aug 1, 2012 4:09 PM
The logo of Tokyo Electric Power Co (TEPCO) is seen at its headquarters in Tokyo in this May 12, 2011 file photo. Fukushima plant operator Tokyo Electric Power Co on Aug 1, 2012 posted a quarterly net loss of $3.69 billion, boosting total losses by eight of Japan's nine listed atomic plant operators to $7.12 billion as they struggle with higher fossil fuel bills to fill a gap left by idled reactors. -- PHOTO: REUTERS

TOKYO (AFP) - The operator of Japan's crippled Fukushima nuclear power plant said on Wednesday that it lost US$3.68 billion (S$4.57 billion) in the latest quarter amid massive costs stemming from last year's atomic crisis.

Tokyo Electric Power (Tepco), which was effectively nationalised on Tuesday after receiving 1.0 trillion yen (S$15.9 billion) of taxpayer money to stay afloat, posted a net loss of 288.4 billion yen in the three months to June. That compares with a net loss of 571.76 billion yen a year earlier.

The embattled firm, one of the world's biggest utilities, said sales in the latest quarter rose 15.6 per cent from a year ago to 1.31 trillion yen. For the current fiscal year to March 2013, the company said it expected a net loss of 160 billion yen on sales of 5.97 trillion yen, up 11.7 per cent.

The latest results come after Tepco posted a massive 781 billion yen shortfall in the year to March, after it had to increase imports of fossil fuels to make up for a nuclear power shortfall when Japan switched off its nuclear reactors. Only two reactors have since been restarted.

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