Tepco Posts $15.3 billion Loss For Fiscal Year

Tokyo Electric Power Co TKECY released its results for the fiscal ended March 31 on Friday. Tepco reported a loss of 1.25 trillion yen ($15.3 billion) for the fiscal ended March 31. Of Tepco's loss, around ¥1 trillion or 80% was due to charges associated to the post-earthquake nuclear crisis at its Fukushima Daiichi nuclear power plant. Tepco also reported that its President Masataka Shimizu will step down. The company's managing director Toshio Nishizawa has been named the new president. TKECY shares fell 5.53% to close at $4.95 yesterday. Read more from Benzinga's Company news.