August 3, 2004
Tokyo- Tokyo Electric Power Co. (TEPCO) reported today consolidated
ordinary income of ¥84.8 billion for the first quarter of fiscal year
2004, an increase of ¥95.1 billion over the same period of the previous
year (¥78.1 billion, an increase of ¥90.2 billion on a non-consolidated
basis; all figures below in parentheses are non-consolidated figures).
Operating revenues were ¥1,151 billion, up 0.9 percent (¥1,121.3 billion,
up 0.8 percent). Net income also increased by ¥62.7 billion to ¥54.1
billion compared to the same period of the previous year (¥50.1 billion,
an increase of ¥58.8 billion).
The total volume of electric power sold during the quarter increased 1.6
percent from the same quarter of the previous year to 66.5 billion kWh,
due to increased demand for air-conditioning caused by higher than normal
temperatures in mid-to-late May and late June, as well as a rise in
industrial demand due to the continuing recovery of industrial production.
Of the total, sales to residential users increased 2.7 percent to 20
billion kWh, sales to commercial and industrial users rose 1.9 percent to
17.8 billion kWh, and sales to eligible customers* were also up 0.6
percent to 28.7 billion kWh.
In the electric utility business, revenues from electricity sales
declined 0.1 percent to ¥1,078 billion, despite an increase in the volume
of electricity sold, due mainly to the absence of revenue from fuel cost
adjustments during the current quarter, in contrast to the recording of
such adjustments in the same period of the previous year. After including
revenues from inter-company power sales and power sale to other companies,
TEPCO registered consolidated operating revenues of ¥1,151 billion, an
increase of 0.9 percent (¥1,121.3 billion, up 0.8 percent) and ordinary
revenues of ¥1,159 billion, a rise of 0.8 percent (¥1,125.9 billion, up
0.8 percent).
Turning to expenses, TEPCO was able to reduce ordinary expenses by 7.4
percent to ¥1,074.1 billion (¥1,047.7 billion, down 7.2 percent) due to
decreased fuel costs for thermal power generation and the decreased cost
of electricity purchases which both resulted from resumption of nuclear
power generation, although repair and maintenance expenses increased due
to inspections and repairs at nuclear power plants. In addition, TEPCO
worked hard to further improve efficiency and cut costs across the entire
range of its operations, including reductions in personnel expenses
achieved mainly through cuts in retirement allowances, and reductions in
depreciation expenses resulting from restraint in plants and equipment
investments.
*Eligible customers are those in the deregulated sector of the retail
market. They represent 500kW or more of demand and 20kV or more of the
voltage supplied in principle.
Please note that the above purports to be an accurate and complete
translation of the original Japanese version prepared for the convenience
of our English-speaking audience. However, in the case of any discrepancy
between the translation and the Japanese original, the latter shall
prevail.
 Appendix
Summary of 1st Quarter Results
Summary of Non-consolidated Results(Income and Expenditure Comparison)
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