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Tepco logs first black ink since nuclear crisis started via The Japan Times

Tokyo Electric Power Co. on Friday reported its first nine-month profit for the April-December period since the 2011 nuclear crisis at its Fukushima No. 1 complex started, amid continuing cost-cutting efforts and electricity rate hikes.

Tepco posted a group pretax profit of ¥189.22 billion for the nine months, compared with a loss of ¥195.05 billion a year earlier. It also projected a profit for the full business year through March.

Including funds from a state-backed bailout entity for nuclear disaster compensation payments, which are booked as an extraordinary profit, the utility recorded a group net profit of ¥772.90 billion, recovering from a net loss of ¥2.22 billion a year earlier.

Group sales increased 10.8 percent to ¥4.80 trillion as the utility resorted to electricity rate hikes in the face of increasing fuel costs for thermal power generation to make up for the halt of nuclear reactors due to the Fukushima plant disaster.

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The company is trying to turn itself around after receiving a ¥1 trillion capital injection from the state-backed Nuclear Damage Liability Facilitation Fund in 2012.

Under a revamped business plan approved by the government earlier this month, Tepco was promised more financial support from the state so that it will not face funding difficulties due to the colossal costs stemming from one of the world’s worst nuclear disasters.

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