Jera return to profit in April-December
Japanese joint venture Jera on January 31 announced a profit of 338.9bn yen ($2.3 billion) for the nine months ended December 31 against a loss of 133.2bn yen in the previous year.
The improvement in profitability can be primarily attributed to gains from the fuel price adjustment system time lag and increased profits from overseas power generation and renewable energy ventures.
The fuel price adjustment system automatically adjusts monthly electricity fees based on fluctuations in fuel prices for crude oil, LNG, and coal.
Jera's revenue for the nine months reached 2.78bn yen, reflecting a decline of almost 17% year/year. The revenue was down mainly due to a decrease in electrical energy sold.
For the full year, Jera expects a profit of 350bn yen versus a profit of 17.8bn yen in the previous year. Jera is a joint venture between Tokyo Electric and Chubu Electric.