Osaka Gas Annual Profits Up 24%

Japanese utility Osaka Gas May 11 reported a 24.4% yr/yr jump in profits for the 12 months to March 31, thanks to an earnings bump at its gas business, which offset international upstream impairments.

Consolidated profit attributable to Osaka Gas shareholders increased to yen 41.7bn ($390mn), from yen 33.6bn in the year before. Gas business income increased 48.4% yr/yr to yen 53.1bn thanks to the higher sales price of city gas, the company said. Overall revenues during the year dropped 0.2% yr/yr to yen 1.368 trillion.

Total gas sales volumes during the year fell 7.3% yr/yr. Residential sales volumes were down 4.9% yr/yr; while non-residential sales volumes dropped 8% yr/yr. 

Looking ahead, the company expects revenues for the 12 months to March 31 2021 to rise 9.1% yr/yr to yen 1.493 trillion. This projection assumes an increase in LNG sales volumes in the domestic energy and gas business, Osaka Gas said. Profit attributable to shareholders is forecast to rise 74.7% yr/yr to yen 73bn.

Osaka Gas said it was too difficult to quantify the impact that Covid-19 would have on its business in the current fiscal.