23 May 2011

Japan nuclear plant firm reports huge loss

2:06 pm on 23 May 2011

The owner of the crippled Fukushima nuclear power plant has reported one of the biggest losses in Japan's corporate history.

Tepco reported an annual loss of 1.25 trillion yen ($US15.3 billion) in the wake of the earthquake and tsunami that hit Japan on 11 March and severely damaged the Fukushima plant.

The net loss was the biggest in Japan's corporate history outside the financial sector, the BBC reports.

The president of Tepco, Masataka Shimizu, resigned in apology.

No estimate has been made for the likely cost of compensating all the victims. Analysts forecast a cost of between $US25 billion and $130 billion if the crisis at the nuclear complex drags on.