Tokyo Gas reports 14% rise in annual profit
Japanese utility Tokyo Gas on April 28 said its profit in the 12 months ending March 31 came in at 49.5bn yen ($410mn), up 14.3% year/year owing to gains derived from sales of investment securities and non-current assets.
The sales volume of the city gas business, which is the main business of the gas segment, was about 13bn m3, a decrease of 6.2% yr/yr. The residential demand was 3.2bn m3, up 2.7% yr/yr, primarily due to a rise in demand as customers spent more time at home, despite a drop in the number of customers, the company said.
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Commercial demand was 2.26bn m3, down 9.4% yr/yr, as customers in sectors such as restaurants and hotels shortened business hours or voluntarily suspended business due to the Covid-19 outbreak. Industrial demand was 5.78bn m3, a decline of 9.5% yr/yr, mainly due to a decrease in sales volume to users dedicated to power generation. Supply to other utilities was 1.73bn m3, a fall of 5.6% yr/yr, Tokyo Gas said.
For the 12 months ending March 31, 2022, Tokyo Gas expects city gas sales volume of 12.05bn m3, a decline of 7.2% yr/yr. “Although we estimate a recovery from the drop in commercial demand in the restaurant and hotel sectors, among others, we project a decline in industrial and residential demand owing to a drop in demand from power generation customers, etc., and a dying out of the effect of customers spending more time at home, respectively,” the company said.
The company expects to book a profit of 52bn yen, up 5% yr/yr.