Despite its first pretax profit increase in two years, Tokyo Electric Power Co.'s fiscal 1999 consolidated net profit of 87.44 billion yen dropped 10.3 percent from the previous year, the firm announced Monday.
Profit per share for the fiscal year ended in March was 64.63 yen, down from 72.01 yen.
The decrease was due largely to an extraordinary loss of 203.93 billion yen, caused by changes in the accounting method for reserves for the future payment of retirement money.
Japan's largest power supplier reported a consolidated pretax profit of 350.09 billion yen, due largely to cuts in expenses that included a drop in interest payments resulting from a 296 billion yen reduction in debt to 10.186 trillion yen.
Operating revenue contracted 0.1 percent to 5.092 trillion yen.
Although the amount of power it supplied increased 2.7 percent, growth in revenue was meager because of a cut in power charges.
Tokyo Electric said it plans to raise its yearend dividend by 10 yen per share to 35 yen, bringing its annual dividend to 60 yen, in order to "pass benefits from management rationalization on to shareholders."
Two other major electric power companies, Kansai Electric Power Co. and Chugoku Electric Power Co., also announced consolidated results for fiscal 1999. The latter plans to pay a yearend dividend of 35 yen, up 10 yen, for an annual dividend of 60 yen.
Kansai Electric, which plans to keep its annual dividend unchanged at 50 yen per share, reported a consolidated net profit of 52.3 billion yen, or 53.44 yen per share, down 0.4 percent.
Group pretax profit rose 20.8 percent to 167.37 billion yen on operating revenues of 2.588 trillion yen, down 0.3 percent.
Chugoku Electric registered a net profit of 27.61 billion yen, down 5.8 percent, and a pretax profit of 50.86 billion yen, up 1.1 percent, on a 1 percent rise in operating revenues to 1.049 trillion yen.
Net profit per share came to 74.43 yen.