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Japan nuclear operator posts 55-billion-yen quarterly loss
Published in Saudi Press Agency on 03 - 11 - 2011

AlHijjah 8, 1432, Nov 4, 2011, SPA -- Tokyo Electric Power Co (TEPCO) booked a net loss of 55.5 billion yen (711 million dollars) for the July-September quarter
after carrying costs to deal with the ongoing nuclear crisis, dpa cited the
company as saying Friday.
The figure compared to a net profit of 97.7 billion yen in the
same period last year, the operator of the damaged Fukushima Daiichi
Nuclear Power Station said.
TEPCO also reported an operating loss of 8.6 billion yen for the
quarter, in a reversal from a year-earlier operating profit of 172.9
billion yen, the utility said.
Sales fell 8 per cent to 1.37 trillion yen for the period from
1.49 trillion yen a year earlier, as a result of a drop in
electricity production across the region, and nationwide efforts to
save energy.
The Fukushima plant has been out of operation since the March
disaster, and several others were taken offline for precautionary
inspections.
TEPCO projected a net loss of 600 billion yen for the financial
year through March 2012 as the company was struggling to bring the
plant under control. The company also expected an operating loss of
305 billion yen for the year.
The plant suffered meltdowns at three reactors after it was
crippled by the March 11 earthquake and tsunami. It has been leaking
radioactive material into the environment ever since. Tens of
thousands of residents have been forced to leave the area.
The government approved a request earlier in the day for some 900
billion yen (11.9 billion dollars) of aid by the operator, which
faces claims from victims of the accident.
The operator will be required to slash at least 2.5 trillion yen
in costs over 10 years in order to receive the aid from a
state-backed institution.
Shares in TEPCO edged down 0.66 per cent to 300 yen Friday. The
issue is down 86 per cent from the year's high of 2,197 yen.


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