TEPCO records profits after dismal losses in previous year

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Tokyo Electric - Japan

Tokyo Electric has announced annual profits of $4.3 billion USD, compared to a net loss of $6.6 billion USD in the previous year.

The utility, which recently found itself on the edge of a financial cliff, benefited not only by hiking its electricity rates, but also from an enormous bailout from the Japanese government.

Japan experienced a warm winter last year, which lead to a decline in the amount of electricity sold, but those losses were offset by the rate hike.

The Japanese government also gave the utility some $175 billion USD in bailout funds.

The temporary gains are still not providing giving the utility much confidence in future earnings.  In a news conference, Tokyo Electric president Naomi Hirose told reporters, “The business environment that surrounds us remains very serious.”

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