By Kosaku NariokaChubu Electric Power Co. shares rose sharply Tuesday morning after the Japanese utility boosted its fiscal-year profit guidance, citing lower costs of fuel. Chubu Electric Power said Monday after market close that it expected net profit of Y50.00 billion ($383.3 million) for the fiscal year ending in March, compared with its previous forecast of Y130.00 billion net loss. The power company said fuel prices have fallen sharply since it made earnings projections previously in October, leading to lower estimated costs. Chubu Electric also said it expected to pay dividends of Y50 a share this fiscal year, the same amount as the previous fiscal year. For the nine-month period ended on Dec. 31, Chubu Electric posted a net loss of Y37.46 billion on revenue of Y2.814 trillion.

Source: Wall Street Journal January 31, 2023 08:08 UTC