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Kansai Electric Power fiscal Q1 loss narrows YOY

Kansai Electric Power Co. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of ¥22.55 per share, compared with a loss of ¥29.58 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥20.15 billion, compared with a loss of ¥26.43 billion in the prior-year period.

The normalized profit margin climbed to negative 2.5% from negative 3.7% in the year-earlier period.

Total revenue increased 10.3% year over year to ¥791.28 billion from ¥717.54 billion, and total operating expenses increased 11.5% on an annual basis to ¥831.09 billion from ¥745.38 billion.

Reported net income came to a loss of ¥29.04 billion, or a loss of ¥32.50 per share, compared with a loss of ¥33.47 billion, or a loss of ¥37.46 per share, in the year-earlier period.

As of Aug. 13, US$1 was equivalent to ¥102.37.