The operator of Japan's crippled Fukushima nuclear plant said Wednesday it swung to a net profit in the quarter to June after a government bailout and electricity rate hike.
Tokyo Electric Power Co (TEPCO) said it posted a net profit of 437.9 billion yen in the April-June period, reversing a 288.3 billion yen loss in the same quarter a year earlier.
TEPCO was effectively nationalised a year ago with a huge injection of government money to keep it afloat. In the quarter alone, the company received 666.2 billion yen from Tokyo.
The company faces massive compensation and clean-up costs after the Fukushima nuclear disaster two years ago.
During the quarter, TEPCO said sales climbed to 1.44 trillion yen, up from 1.31 trillion yen, mainly owing to a government-approved electricity rate hike.
It still posted a pre-tax loss of 29.49 billion yen, down from 124.27 billion yen a year earlier.© (C) 2013 AFP