Japan's Tepco reports $4.57 billion quarterly net loss
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.