TEPCO reports $7.4bn quarterly loss

Tokyo Electric Power Co. (TEPCO) said August 9 it posted losses for 1Q 2011 equal to ¥571.7 billion ($7.4 billion) for cleanup and compensation of victims following the nuclear crisis at the Fukushima Daiichi nuclear power plant in Japan.

The utility said in a statement that it had booked a one-time loss of $6.5 billion in charges associated with the disaster. In May, the company reportedly said it had booked a loss of $16.2 billion for the year through March.

TEPCO has said it would raise at least another $7.8 billion by cutting costs and selling assets.

To date, TEPCO has reportedly paid $917.3 million in compensation to victims of the disaster from a fund approved by the Japanese Parliament on August 4. The government initially contributed $26 billion to the fund.

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