FY2019 Second Quarter Financial Results
Oct 28, 2019
Tokyo Electric Power Company Holdings, Inc.
Tokyo, October 28, 2019—Tokyo Electric Power Company Holdings, Inc. (TEPCO HD) released its consolidated FY2019 second quarter financial results (April 1 through September 30, 2019).
Consolidated ordinary income increased year-on-year (YoY) by 18.7% to 249.9 billion yen due to a gain incurred by fuel cost adjustment system time lag and continual efforts on behalf of the entire Group to cut costs even though electricity sales volume for the TEPCO Group decreased YoY by 3.7% to 111.8 billion kWh.
Furthermore, although the group posted 367.2 billion yen in special profit, which includes 54 billion yen in funds received from the Nuclear Damage Compensation and Decommissioning Facilitation Corporation (NDF), extraordinary loss was 166.4 billion yen, which includes 11.8 billion yen in extraordinary loss on disaster to cover the costs needed for repairing assets damaged by Typhoon #15, and 58.9 billion yen in expenses for nuclear damage compensation. As a result, net income attributable to owners of the parent increased to 420.6 billion yen.
[Ordinary income/loss for TEPCO HD and core companies]
Ordinary income/loss for FY2019 Q2 for each company is as follows.
-TEPCO HD ordinary income decreased by 11 billion yen YoY to 162.3 billion yen primarily due to a decrease in wholesale power sales to TEPCO Energy Partner, Inc.
- Ordinary income for TEPCO Fuel & Power, Inc. increased by 53.2 billion yen YoY to 58.4 billion yen due to a gain incurred by fuel cost adjustment system time lag into income at JERA, which has succeeded the thermal power generation business, etc.
-Ordinary income for TEPCO Power Grid Inc. increased by 2.8 billion yen YoY to 119.9 billion yen primarily due to decreases in maintenance expenses and depreciation costs.
-Ordinary income for TEPCO Energy Partner, Inc. decreased by 10.7 billion yen YoY to 43.4 billion yen primarily due to intensified competition and decreases in counteraction from heat wave in last year.