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Kansai Electric Power fiscal Q1 profit falls YOY

Kansai Electric Power Co. said its normalized net income for the fiscal first quarter ended June 30 came to ¥38.17 per share, a decline of 32.2% from ¥56.31 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥34.11 billion, a decrease of 32.2% from ¥50.31 billion in the year-earlier period.

The normalized profit margin fell to 4.8% from 6.3% in the year-earlier period.

Total revenue declined 10.8% on an annual basis to ¥712.58 billion from ¥799.11 billion, and total operating expenses fell 8.8% from the prior-year period to ¥652.65 billion from ¥715.32 billion.

Reported net income declined 22.7% from the prior-year period to ¥40.90 billion, or ¥45.77 per share, from ¥52.91 billion, or ¥59.22 per share.

As of Aug. 10, US$1 was equivalent to ¥101.31.