Japan's JERA Sees Profit Plunge as Overseas Business Weakens

TOKYO (Cryptonesia) - JERA, which is Japan’s largest electricity producer, reported that their yearly net income was cut in half, largely due to less favorable outcomes from both their international power production activities and renewable energy ventures.

The net income for the fiscal year ending in March was reported at 184 billion yen ($1.3 billion), however, they anticipate that profits will recover this year to reach 230 billion yen.

JERA, which is a partnership between Tokyo Electric Power and Chubu Electric Power, manages approximately 30 international power generation initiatives across over 10 nations. These ventures have an overall capacity of roughly 13 gigawatts (GW), contrasting with their domestic production capability of around 59 GW.

Its profits from the power generation and renewable energy operations abroad dropped by 25.4 billion yen to reach 8.3 billion yen, according to their statement.

($1 = 143.7700 yen)

(Katya Golubkova reports; Edited by Christopher Cushing and Edwina Gibbs)