Tokyo Gas Annual Profit Almost Halves

Japanese utility Tokyo Gas April 28 reported a 48.7% yr/yr drop in profit for the 12 months to March 31 owing to lower gas sales and impairment on its overseas assets.

Net profit fell to yen 43.4bn ($410 million) as against yen 84.5bn in the year before. The company booked a special loss of yen 46.7bn, which includes a yen 28.4bn impairment loss and a yen 18.6bn valuation loss related to Australian LNG and US shale assets.

The sales volume of the city gas business was down 8.8% yr/yr; commercial sales volume dropped 4.3% yr/yr; while industrial sales volume dropped 13.7% yr/yr. Supply to other utilities fell 5.1% yr/yr, Tokyo Gas said. 

The company did not provide profit guidance for the 12 months to March 31, 2021, saying it is difficult to reasonably quantify the impact of coronavirus (Covid-19) pandemic at this moment.