TEPCO Releases FY 2018 Third Quarter Financial Results
Jan 30, 2019
Tokyo Electric Power Company Holdings, Inc.
Tokyo, January 30, 2019—Tokyo Electric Power Company Holdings, Inc. (TEPCO HD) announced today its consolidated financial results for the company’s FY 2018 third quarter from April 1 to December 31.
Sales volume decreased 3.1% year-on-year(YoY) to 169.7 billion kWh despite implementation of group-wide cost reduction efforts. Consolidated ordinary income decreased 10.6% to 245.1 billion JPY due to higher fuel expenses as a result of increased fuel prices and intensified competition.
Due to an allocation of 109.7 billion JPY for nuclear damage compensation appropriated as an extraordinary loss, net income attributable to owners of the parent decreased 55.5% to 100.5 billion JPY.
Ordinary income for main group companies follow:
- TEPCO HD : rose 23.9 billion JPY to 178.9 billion JPY as a result of increased dividends from three core operating companies.
- TEPCO Fuel & Power, Inc. : fell 41.5 billion JPY to 3.4 billion JPY due to increased fuel expenses, although fixed costs declined as a result of continuing cost reduction efforts.
- TEPCO Power Grid Inc. : rose 38.5 billion JPY to 163.1 billion JPY due to increased transmission revenue and decreased outsourcing and interest expenses.
- TEPCO Energy Partner, Inc. : fell 36.4 billion JPY to 39.3 billion JPY due to decreased electricity sales volume caused by intensified competition.
Full-year forecasts for fiscal 2018
In regards to FY2018 projections, operating revenue is expected to increase by 229 billion JPY as compared with projections released on October 30, 2018, to approximately 6,328 billion JPY primarily due to increases in fuel cost adjustments and transmission revenue from non-TEPCO group companies.
Despite increases in electricity sales, TEPCO HD is forecasting ordinary income for the full year decreasing 35 billion JPY to 250 billion JPY primarily due to increased fuel expenses and power purchasing costs. Also, the company expects net income attributable to owners of parent shall be approximately 227 billion JPY.