Japan: Tepco registers $7.4 billion Q1 lossesAugust 9th, 2011 - 9:23 pm ICT by BNO News
TOKYO (BNO NEWS) — The Tokyo Electric Power Co., Inc.(TEPCO) on Tuesday announced losses of ¥571.7 billion ($7.4 billion) during the fiscal year’s first quarter.
The company’s operating revenues for the first quarter (from April 1 to June 30) represents a decrease of 7.2 percent compared to the previous year.
Losses are mostly due to restoration and compensation costs, as tens of thousands of Japanese nationals have been affected by the country’s nuclear crisis after Tepco’s Fukushima Daiichi nuclear power plant suffered meltdowns in at least three of its reactors since the March 11 earthquake and tsunami.
Ordinary losses were ¥62.7 billion ($811.33 million), while restoration costs totaled to losses of ¥105.5 billion ($1.3 billion). In addition, estimated extraordinary losses of ¥397.7 billion ($5.1 billion) were due to compensation payments.
Meanwhile, the company’s electricity sales during the period decreased 12.1 percent on a year-to-year basis, as electricity usage has suffered a general decrease.
On the revenues side, electricity industry sales revenues decreased 8.1 percent, as nationwide residents have cut down electricity consumption as requested by the government. Since the disaster, electricity shortages have been recurrent since several nuclear plants have been shut down, while others go through periodic checks.
In May, Tepco announced the resignation of its president Masataka Shimizu after the company registered a historic loss of ¥1.25 trillion ($15.3 billion) in the 2010 fiscal year, which is the biggest loss in history by a non-financial Japanese company.
Japan’s nuclear crisis began since the Fukushima Daiichi nuclear power plant was severely damaged on March 11 when a 9.0-magnitude earthquake and a subsequent tsunami devastated the country. The disaster disabled the cooling systems of the plant, and radioactive elements leaked into the sea and were later found in water, air and food products in some parts of Japan. Subsequent power shortages throughout the country have further complicated recovery efforts.
At least 23,482 people were killed, while 8,069 people remain missing. There are still more than 88,000 people who are staying in shelters in 21 prefectures around Japan.
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- Workers enter Fukushima's no.1 reactor for the first time since the earthquake and tsunami - May 05, 2011
- Tens of thousands protest nuclear power in Japan - Sep 20, 2011
- TEPCO President apologises for Fukushima emergency - Apr 13, 2011
- Fire breaks out at Japan's Fukushima nuke plant, but extinguished - Apr 12, 2011
- Earthquake disrupts work at crippled Fukushima nuclear power plant - Apr 11, 2011
- Japan resumes cooling operations at quake-hit nuke plant - Mar 21, 2011
- High radiation water found outside Japan's Fukushima nuke plant - Mar 29, 2011
- Fukushima n-plant operator confirms fuel meltdown - May 24, 2011
- $74 bn lost in Fukushima disaster - Oct 14, 2011
- Japan nuclear crisis to be resolved in nine months - Apr 17, 2011
- Japanese PM Kan resigns amid sinking approval ratings - Aug 27, 2011
- Fresh radioactive water leakage at Fukushima n-plant - Jan 22, 2012
- 'Japan was totally unprepared for Fukushima' - Mar 05, 2012
Tags: compensation costs, compensation payments, electric power co, electricity consumption, electricity industry, electricity sales, electricity shortages, electricity usage, japanese nationals, magnitude earthquake, nuclear crisis, nuclear plants, nuclear power plant, periodic checks, q1 losses, radioactive elements, restoration costs, sales revenues, tepco, tokyo electric