Chugoku Electric Power Shares Rise on Guidance for Swing to Profit

By Ronnie Harui

Chugoku Electric Power’s shares rose sharply early Wednesday, after it guided for a swing to a net profit for the current fiscal year, following the Japanese government’s approval of an increase in its regulated electricity rates.
Shares were recently 9.6% higher at 833.00 yen ($6.01) after rising as much as 9.9% to Y835.00 earlier, its highest intraday level since September 2022.

The Japanese regional utility expects a net profit of Y59.00 billion ($425.7 million) for the fiscal year ending March 2024, it said in a filing to the Tokyo stock exchange after Tuesday’s market close.
That compares with its net loss of Y155.38 billion in the prior fiscal year. The company also projects a total dividend payment of Y10.00 for this fiscal year, versus no dividend payment in the previous fiscal year.
The Japanese regional utility last week said it received government approval for an increase in its regulated electricity rates and a revision in its electricity-rate unit prices for the low-voltage sector, both of which are expected to be implemented from June.
Write to Ronnie Harui at [email protected]