FY2018 First Quarter Financial Results
Jul 30, 2018
Tokyo Electric Power Company Holdings, Inc. (TEPCO HD)
Today, Tokyo Electric Power Company Holdings, Inc. finalized its consolidated FY2018 First Quarter (April 1 through June 30, 2018) Financial Results.
Despite a decrease in electricity sales volume of 5.2% year-on-year (YoY) to 52.6 billion kWh, consolidated ordinary profit increased 21.1% YoY to 67.3 billion JPY due to increases in transmission revenue and continual efforts by the entire Group to cut costs.
Due to the 46.6 billion JPY allocated for nuclear damage compensation expenses appropriated as extraordinary loss, net income attributable to owners of the parent decreased 88.9% YoY to 16.4 billion JPY.
[Ordinary profit for TEPCO HD and three core operating companies]
Ordinary profits for FY2018 Q1 for each company are as follows.
- Ordinary profit for TEPCO HD increased by 7.3 billion JPY YoY to 153.8 billion JPY as a result of increases in received dividends from three core operation companies.
- Ordinary profit for TEPCO Fuel & Power, Inc. increased by 20.8 billion JPY YoY to 22.4 billion JPY due to a decrease in fixed costs resulting from expanding cost reductions and an increase in subsidiary profits.
- TEPCO Power Grid Inc. ordinary profit increased by 16.6 billion JPY YoY to 38.7 billion JPY due to a decrease in consignment fees, and repair costs despite the decrease in transmission revenue.
- Ordinary profit for TEPCO Energy Partner, Inc. decreased by 18.8 billion JPY YoY to 8.3 billion JPY due to decreases in electricity sales volume resulting from increased competition.
[FY2018 Full-year financial forecasts] (No change from the forecast announced on April 26, 2018)
Despite increases in fuel costs and purchased electricity, we predict that in FY2018 we shall see an increase in profits by 31 billion JPY YoY to 285 billion JPY as a result of increases in operating revenue. And, we also predict that net profit attributable to owners of parent shall be approximately 252 billion JPY.