Tepco to announce record annual loss, pres to step down: reports

Reuters

TOKYO (Reuters) - Tokyo Electric Power Co is likely to book about a 1 trillion yen ($12.3 billion) net loss for its fiscal year that ended in March due to losses from the accident at its Fukushima Daiichi nuclear plant, Japanese media reported on Friday.

That would be highest ever annual loss reported by a Japanese company, excluding financial institutions, the Nikkei business daily said.

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The utility's president, Masataka Shimizu, will step down to take responsibility for the handling of Japan's worst ever nuclear accident, the Yomiuri newspaper said. Senior executive Katsutoshi Chikudate will become the firm's new president.

The power company, also known as Tepco, is set to announce the restructuring moves at a briefing on its fiscal results later on Friday. ($1 = 81.610 Japanese Yen)

(Reporting by James Topham; Editing by Chris Gallagher)

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