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Kansai Electric Power fiscal Q2 profit falls YOY

Kansai Electric Power Co. said its normalized net income for the fiscal second quarter ended Sept. 30 was ¥23.82 per share, a decrease of 54.0% from ¥51.81 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥21.28 billion, a decline of 54.0% from ¥46.30 billion in the prior-year period.

The normalized profit margin fell to 2.4% from 5.2% in the year-earlier period.

Total revenue came to ¥886.39 billion, compared with ¥893.91 billion in the prior-year period, and total operating expenses increased from the prior-year period to ¥842.31 billion from ¥812.14 billion.

Reported net income declined 34.7% year over year to ¥31.69 billion, or ¥35.47 per share, from ¥48.55 billion, or ¥54.34 per share.

As of Nov. 5, US$1 was equivalent to ¥114.52.