High Oil Prices Costly for 8 of Japan's Major Electricity Firms
Posted on: Tuesday, 7 February 2006, 18:00 CST
Tokyo, Feb. 7 (Jiji Press)--Eight of Japan's 10 major electric power companies experienced declines in their group recurring profits for April-December due to increased costs from rising crude oil prices.
Tokyo Electric Power Co. suffered a fuel cost rise of 162.9 billion yen from a year earlier and a drop of 20.5 pct in group recurring profit to 291 billion yen. Its net profit declined 10.4 pct to 179.5 billion yen.
In addition to skyrocketing crude oil prices, the shutdown of the Onagawa nuclear power plant in Miyagi Prefecture substantially hurt Tohoku Electric Power Co. . A strong earthquake in August in the northwestern Japan prefecture terminated operations of the plant's three nuclear reactors, of which only one has so far resumed operations.
As a result, Tohoku Electric Power saw its recurring profit fall 77.8 pct, the largest drop among the 10 companies, to 21.2 billion yen. Its net profit dropped 85.7 pct, also the largest fall, to 7.2 billion yen.
Sales at five companies, including Kansai Power Co. , dropped between 0.4 pct and 2.4 pct, partly due to electricity price cuts.
But electricity sales in the first nine months of the current business year were strong for Tohoku Electric Power, Hokuriku Electric Power Co. and Kyushu Electric Power Co. , aided by active manufacturing activities amid an economic recovery in Japan and increased heating demand spurred by cold weather since November.
Following are the 10 power firms' consolidated results in April- December in billions of yen, with year-on-year percentage changes in parentheses:
Company Sales Recurring Net
Profit Profit
Tokyo 3,814.8 291.0 179.5
(2.8) (-20.5) (-10.4) Kansai 1,876.8 223.0 146.1
(-2.4) (-24.0) ( 38.8) Chubu 1,548.5 182.0 117.2
(-2.2) (-23.9) (3.1) Tohoku 1,174.7 21.2 7.2
(2.2) (-77.8) (-85.7) Kyushu 1,019.6 106.4 63.8
(-2.0) (-29.1) (-22.3) Chugoku 750.6 53.2 34.2
(2.0) (-27.0) (-12.3) Shikoku 409.3 35.4 25.5
(-2.4) (-8.9) (7.5) Hokkaido 378.9 40.2 25.7
(0.7) (14.3) (10.7) Hokuriku 341.5 23.0 13.2
(-0.4) (-29.8) (-35.4) Okinawa 119.3 15.6 9.9
(4.9) (21.8) (27.1)
[EARNINGS]END
Source: Jiji Press English News Service
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