By Michael Kitchen, MarketWatch
LOS ANGELES (MarketWatch) — Japan’s Tokyo Electric Power Co. on Friday posted a massive 1.25 trillion yen ($15.3 billion) loss for the fiscal ended March 31, due to charges related to the post-earthquake nuclear crisis at its Fukushima Daiichi nuclear power plant, according to reported results.
Of Tepco’s loss, about ¥1 trillion or 80% of the total was due to a one-time loss for the closure and decommissioning of reactors at its Fukushima Daiichi plant and efforts to contain radiation from the site following the March 11 quake, reports said.
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The total annual loss was the largest ever for a Japanese firm, outside of the financial sector, several reports said, with the total surpassing Nippon Telegraph & Telephone Corp.’s /zigman2/quotes/200718273/delayed JP:9432 -0.02% fiscal 2001 net loss of nearly ¥835 billion.
Tepco also reportedly said its President Masataka Shimizu will step down due to the loss. Tepco managing director Toshio Nishizawa will become the new president, reports said.
The results came as the head of banking association and chairman of one of Tepco’s major creditors reportedly criticized the government for pressuring the creditors to take haircuts on the utility’s debt. See report on creditors’ complaints of pressure over Tepco debt.
Shares of Tepco /zigman2/quotes/202771076/delayed JP:9501 -2.56% /zigman2/quotes/204529331/delayed TKECF -1.99% ended Friday trading in Tokyo with a 2.5% gain, ahead of the announcement of financial results.