Tokyo Gas reports 4% drop in profit in Apr-Jun
Japanese utility Tokyo Gas on July 28 reported a net profit of 15.8bn yen ($140mn) during the three months to June 30 (Q1), down 3.5% year/year.
The company’s total gas sales volume came in at 2.85bn m3, up 7.1% yr/yr. Residential sales volume was down 11.9% yr/yr while sales to the commercial segment were up 3.5% yr/yr. Tokyo Gas said sales to the industrial sector were up 28.4% yr/yr while supplies to the other utilities were down 5.6% yr/yr.
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The company said that it is difficult to determine the impact of the COVID-19 pandemic on the group since it cannot currently foresee when the pandemic will abate. Tokyo Gas said it has made accounting estimates by assuming that the impact of the COVID-19 pandemic will continue to a certain extent during the year. For the 12 months ending on March 31, 2022, it expects a profit of 60bn yen, up 21.2% yr/yr.