July 29, 2008
Tokyo Electric Expects a Loss Hot Stocks
Tokyo Electric Power, the biggest utility in Asia, projected a record loss for this business year, hurt by soaring energy prices and the indefinite closure of a quake-hit nuclear power plant.
Tepco's earnings have been hit hard since a powerful earthquake last July forced it to halt operations at its Kashiwazaki-Kariwa nuclear plant in northern Japan.
TEPCO said it expects a group net loss of yen280 billion for the year ending in March 2009, which is wider than the yen150.11 billion loss it posted last business year.
For its April-June fiscal first quarter, Tepco posted a net loss of yen76.24 billion, compared with a yen31.07 billion profit a year earlier.
Originally published by Reuters.
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