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Kansai Electric Power fiscal Q3 profit climbs 763.0% YOY

Kansai Electric Power Co. said its normalized net income for the fiscal third quarter ended Dec. 31, 2016, amounted to ¥25.40 per share, an increase of 763.1% from ¥2.94 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥22.69 billion, an increase of 763.0% from ¥2.63 billion in the prior-year period.

The normalized profit margin climbed to 3.3% from 0.4% in the year-earlier period.

Total revenue fell 6.5% year over year to ¥691.82 billion from ¥739.60 billion, and total operating expenses fell 11.4% from the prior-year period to ¥651.09 billion from ¥735.02 billion.

Reported net income totaled ¥24.46 billion, or ¥27.38 per share, compared with a loss of ¥194.0 million, or a loss of 22 sen per share, in the year-earlier period.

As of Feb. 13, US$1 was equivalent to ¥113.90.