Japan’s JERA annual profit halves on weaker overseas business

TOKYO (Reuters) -JERA, Japan’s biggest power generator, said annual net profit halved, hurt in part by a weaker performance from its overseas power generation and renewable energy business.

Net income for the year ended March came in at 184 billion yen ($1.3 billion) but it expects profit to rebound in the current year to 230 billion yen.

JERA, a joint venture between Tokyo Electric Power and Chubu Electric Power, has around 30 projects in its overseas power generation portfolio in more than 10 countries. They total about 13 gigawatt (GW) in capacity, compared to some 59 GW for domestic power generation.

Profits from its overseas power generation and renewable energy business tumbled 25.4 billion yen to 8.3 billion yen, it said.

($1 = 143.7700 yen)

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