TEPCO posts huge loss for April-June over reactor decommissioning prep
The firm said on Thursday that its net loss for the period came to over 857. 6billion yen, or roughly 5.7 billion dollars, in contrast to the same period last year when it recorded net income of 79.2 billion yen.
The net loss is the firm's largest for the quarter since the massive 2011 earthquake that hit northeastern Japan, leading to meltdowns at the plant.
The result comes as Tokyo Electric booked an extraordinary loss of about 954 billion yen, or roughly 6.3 billion dollars. Most of the loss, about 903 billion yen, is due to newly expected costs for preparatory work to remove fuel debris from reactor facilities.
Tokyo Electric says the costs will cover confirming the state of fuel debris, demolishing structures that hamper the work and reducing radiation levels in and around the reactor buildings.
The preparations are expected to continue for some 12 to 15 years.
The firm also says that after full-scale debris retrieval starts, costs may rise even further.
Meanwhile, the utility logged an operating profit of over 64 billion yen, or around 430 million dollars, for the quarter. That's up 2.9 percent year on year.
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