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Kansai Electric Power swings to loss in fiscal Q4

Kansai Electric Power Co. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of ¥11.19 per share, compared with ¥40.66 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥9.99 billion, compared with income of ¥36.33 billion in the prior-year period.

The normalized profit margin declined to negative 1.2% from 4.2% in the year-earlier period.

Total revenue declined 7.1% year over year to ¥804.20 billion from ¥865.57 billion, and total operating expenses came to ¥795.53 billion, compared with ¥789.23 billion in the year-earlier period.

Reported net income came to a loss of ¥3.02 billion, or a loss of ¥3.38 per share, compared with income of ¥28.49 billion, or ¥31.89 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥126.47 per share, compared to EPS of ¥160.43 in the prior year.

Normalized net income was ¥112.99 billion, a decrease from ¥143.34 billion in the prior year.

Full-year total revenue decreased from the prior-year period to ¥3.011 trillion from ¥3.246 trillion, and total operating expenses decreased on an annual basis to ¥2.794 trillion from ¥2.989 trillion.

The company said reported net income totaled ¥140.79 billion, or ¥157.58 per share, in the full year, compared with ¥140.80 billion, or ¥157.59 per share, the prior year.

As of June 29, US$1 was equivalent to ¥112.60.