Japan's TEPCO reports loss of US$7.4b
Source: Agencies |
August 10, 2011, Wednesday
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THE utility behind the unfolding Japanese nuclear disaster reported a 571.7 billion yen (US$7.4 billion) quarterly loss yesterday and its president is expecting the red ink to swell over restoration and compensation costs.
Tokyo Electric Power Co's Fukushima Dai-ichi nuclear power plant was sent into meltdown by the March 11 quake and tsunami, and has still not been brought under control.
President Toshio Nishizawa, who took office recently after his predecessor resigned in disgrace over the nuclear disaster, said he still did not know the full extent of the red ink because of too many unknowns - such as the size of future compensation payments.
He also said he did not know how much of a government bailout may be needed to ride out the disaster, but promised his company was trying to take care of problems on its own by selling assets and cutting costs.
"We will put in our best effort," he said at the Tokyo headquarters. "We have not been able to make an assessment at this time."
A bailout is expected.
Some 80,000 people have been evacuated from a no-entry zone around the nuclear plant. Farmers and fishermen, including those who live outside the evacuation zone, are demanding damage payments.
It is unclear when people will be able to return to their evacuated homes, if ever. Beef and vegetable shipments have been banned because of high radiation readings.
The utility, known as TEPCO, had a loss of 5.4 billion yen in the April-June quarter the previous year. It sank into a 1.25 trillion yen loss for the fiscal year ended March over the disaster.
TEPCO said its extraordinary loss for the April-June quarter this year reflected damage compensation totaling 397.7 billion yen, while restoration costs and losses totaled 105.5 billion yen.
Tokyo Electric Power Co's Fukushima Dai-ichi nuclear power plant was sent into meltdown by the March 11 quake and tsunami, and has still not been brought under control.
President Toshio Nishizawa, who took office recently after his predecessor resigned in disgrace over the nuclear disaster, said he still did not know the full extent of the red ink because of too many unknowns - such as the size of future compensation payments.
He also said he did not know how much of a government bailout may be needed to ride out the disaster, but promised his company was trying to take care of problems on its own by selling assets and cutting costs.
"We will put in our best effort," he said at the Tokyo headquarters. "We have not been able to make an assessment at this time."
A bailout is expected.
Some 80,000 people have been evacuated from a no-entry zone around the nuclear plant. Farmers and fishermen, including those who live outside the evacuation zone, are demanding damage payments.
It is unclear when people will be able to return to their evacuated homes, if ever. Beef and vegetable shipments have been banned because of high radiation readings.
The utility, known as TEPCO, had a loss of 5.4 billion yen in the April-June quarter the previous year. It sank into a 1.25 trillion yen loss for the fiscal year ended March over the disaster.
TEPCO said its extraordinary loss for the April-June quarter this year reflected damage compensation totaling 397.7 billion yen, while restoration costs and losses totaled 105.5 billion yen.
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