JERA’s profit falls nearly 55% in Q3 FY 2024

Blame it on reduced earnings from overseas power generation and renewables.

JERA Co., Inc. has reported an income of $996m (JPY154.7b) in the third quarter of fiscal year 2024, down 54.3% from the same period last year.

In a statement, the company said this was due to a decrease in gains of the fuel price adjustment system time lag and a decrease in profit from the overseas power generation and renewable energy business.

Revenue also decreased 10.3% to $16.1b (JPY2.5t) mainly due to a decrease of income unit price in electrical energy sales.

The company anticipates its profit for FY 2024 to be around $1.29b (JPY200b).

$1 = JPY155.26