FY2019 Third Quarter Financial Results
Jan 30, 2020
Tokyo Electric Power Company Holdings, Inc.
Tokyo, January 30, 2020— Tokyo Electric Power Company Holdings, Inc. (TEPCO HD) released its consolidated financial results for the third quarter of FY2019 (April 1~December 31, 2019).
Consolidated ordinary income increased year-on-year (YoY) by 26.5% to 309.9 billion yen billion due to a gain generated by the fuel cost adjustment system time lag and continual efforts on behalf of the entire Group to cut costs even though electricity sales volume for the TEPCO Group decreased YoY by 2.9% to 164.7 billion kWh.
Furthermore, although the Group posted 367.2 billion yen in extraordinary income, which has remained unchanged from the second quarter, extraordinary loss was 205.3 billion yen. This extraordinary loss includes 0.3 billion yen of contingent loss on assets equal to the book value of assets ruined by Typhoons Faxai, Hagibis and Bualoi, 27.4 billion yen of extraordinary loss on disaster due to an increase in the estimated costs required to cover the repair of assets damaged by the 2011 Tohoku Taiheiyo-oki Earthquake and for the expenses required to repair assets damaged by the aforementioned typhoons, and 81.9 billion yen for nuclear damage compensation. As a result, net income attributable to owners of the parent was 434.8 billion yen.
[Ordinary income/loss for TEPCO HD and core companies]
Ordinary income/loss for FY2019Q3 for each company is as follows.
-TEPCO HD ordinary income decreased by 30.6 billion yen YoY to 148.3 billion yen primarily due to a decrease in wholesale power sales to TEPCO Energy Partner, Inc.
-Ordinary income for TEPCO Fuel & Power, Inc. increased by 58.8 billion yen YoY to 62.3 billion yen due to an income gain by JERA, which has succeeded our thermal power generation business, etc., generated by the fuel cost adjustment system time lag.
-Ordinary income for TEPCO Power Grid Inc. increased by 12.2 billion yen YoY to 175.3 billion yen primarily due to decreases in maintenance expenses and depreciation costs.
-Ordinary income for TEPCO Energy Partner, Inc. increased by 15.2 billion yen YoY to 54.6 billion yen primarily due to a decrease in power purchased from TEPCO HD.