TEPCO posts $4.3bn profit
Source: PennEnergy
At a time when other Japanese utilities are asking the government for financial help, Tokyo Electric Power Co. (TEPCO) has posted a $4.3 billion profit.
TEPCO reported a 438.65 billion yen profit in the fiscal year that ended in March, compared to a net loss of 685.3 billion yen ($6.7 billion) in the previous fiscal period, according to the Jakarta Globe. The earnings were due in part to a $12.8 billion government bailout in 2012 and increasing electricity rates. The operator of the Fukushima Daiichi nuclear power plant also booked a special gain of 1.8 trillion yen ($17.6 million) based on funds from the bailout as well as asset sales.
Hokkaido Electric Power Co. and Kyushu Electric Power Co. in April asked the Japan-owned Development Bank of Japan for bailouts. Hokkaido requested $486 million, while Kyushu asked the bank to buy $9.6 million of preferred stock in the company. Kyushu said it estimated a net loss of $1.2 billion for the year ended March 31.
Read more: http://www.pennenergy.com/articles/pe/2014/05/tepco-posts-4-3bn-profit.html
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- Of course you can make a profit when you can print your own money. TEPCO and the Japanese government are one and the same!
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