By Takehiko Kumakura and Shigeru Sato
April 17 (Bloomberg) -- Tokyo Gas Co., Japan’s largest natural-gas supplier, said profit fell 3.5 percent in the year ended March 31 as the recession cut fuel demand.
Net income declined to 41 billion yen ($413 million) from 42.49 billion yen a year earlier, the company said in a preliminary earnings statement filed to the stock exchange today. Tokyo Gas is due to announce its final earnings on April 28.
A deepening recession slashed the country’s industrial output and cut into gas demand from manufacturers in Tokyo and surrounding prefectures. Fuel sales volumes likely dropped in the fiscal year ended March, the gas supplier said last month, the first annual decline since 1977.
Full-year revenue rose 13 percent to 1.687 trillion yen, the utility said in today’s statement.
Tokyo Gas imports liquefied natural gas and distributes the fuel by pipeline to about 10 million customers in and around the capital. LNG is natural gas chilled to liquid form for transportation by ship to destinations not connected by pipeline. On arrival, it’s turned back into gas for distribution to power plants, factories and households.
To contact the reporters on this story: Takehiko Kumakura in Tokyo at tkumakura@bloomberg.net; Shigeru Sato in Tokyo at ssato10@bloomberg.net.
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