Jera reports net loss in April-June
Japanese utility Jera on July 27 reported a net loss of 11.7bn yen ($85mn) in the three months to June 30 (Q1) compared with a net income of 64bn yen in the same period of the previous year.
Jera said the loss was a result of losses due to the fuel cost adjustment system time lag. The net income excluding the impact of the fuel cost adjustment system time lag was 81.7bn yen versus 86.9bn yen in the same period last year. A fuel cost adjustment system is a system designed to automatically adjust monthly electricity fees based on fluctuations in fuel prices for crude oil, LNG and coal.
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Operating revenue increased by 118.3% year/year to 1.57 trillion yen as the result of increased sales by fuel trading subsidiary Jera Global Markets as well as a year/year increase in electricity sales.
Jera said it has not yet established its consolidated financial forecast for the full year because of the uncertain outlook for resource prices, foreign exchange rates, and electric power sales caused by factors such as the situation in Ukraine "currently prevents a rational calculation of business performance".