FX:Tokyo Gas 1Q Group Net Profit Y8.97 Billion, Down 64.4% On Year
TOKYO -(Dow Jones)- Tokyo Gas Co. (9531.TO) on Friday reported a 64% on-year drop in group net profit for the April-June quarter, citing higher costs on rising natural gas prices.
Japan's largest gas utility by sales volume posted a group net profit of Y8.97 billion in the quarter, down from Y25.23 billion a year earlier.
Revenue rose 2.8% on year to Y376.77 billion thanks to slightly higher sales prices amid rising raw material costs.
For full fiscal year ending March 2012, the company forecast Y37 billion net profit on Y1.71 trillion in revenue on expectation of weaker industrial demand from the damages by the March earthquake and tsunami.
