The world's biggest private power utility shut down all 17 of its nuclear reactors earlier this year for inspections following scandals over the systematic cover-up of inspection data showing cracks in reactors.

Four of them so far have returned to normal operations.

TEPCO said in a statement that it had posted a consolidated operating profit of 30.5 billion yen on revenue of 1.14 trillion yen in the quarter.

The statement did not provide comparative figures as it was the first time that the company has issued quarterly earnings.

For the full year to March 2004, TEPCO left its forecasts unchanged, with a net profit estimated at 202 billion yen, up from 271 billion yen for the preceding year, and revenue flat at 4.93 trillion yen.

TEPCO had a recurring loss of 10.3 billion yen in the April-June quarter but it expected to bounce back to a recurring profit of 310 billion yen for the full year, up from the previous year's 271 billion yen.

The statement said TEPCO's sales of electricity totaled 65.4 billion kilowatts per hour in the quarter, up from 63.4 billion a year earlier.

Demand for electricity for heating was high in April when temperatures were unseasonably low, the statement said, adding that brisk exports by Japanese companies also boosted demand for industrial use.

"In the electric power division, we strived to reduce costs on all fronts, including repair costs but expenditure, including fuel fees for thermal power generation, expanded as nuclear power plants remained shut due to inspections and repairs," it said.

WAR.WIRE