Fukushima operator to cut costs, investments

by Reuters
Monday, 31 March 2014 09:42 GMT

TOKYO, March 31 (Reuters) - Tokyo Electric Power Co (Tepco) , the operator of the crippled Fukushima nuclear power plant, said on Monday it plans to cut 576.1 billion yen ($5.6 billion) of costs over a 1-year period and 1.3 trillion yen over three years.

The cuts are more than the reductions Tepco would have made before the meltdowns at the Fukushima plant north of Tokyo three years ago, the utility said in a statement.

Tepco also plans to cut its investments by a further 410 billion yen over three years - above the targets outlined in a business turnaround plan that was approved this year by the government, which took over Tepco after the March 2011 disaster.

The company aims to generate recurring profit of 130 billion yen by the year starting April 2016.

It laid out the costs and profit targets in what it called an 'action plan'.

($1 = 102.9250 Japanese Yen) (Reporting by Aaron Sheldrick; Editing by Ian Geoghegan)

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