Kansai Electric Power's amended semiannual report shows a split between sales and earnings in the first half of the year ending March 2025. For the six months ended Sept. 30, 2024, operating revenue was ¥2.14tn, up from ¥2.07tn a year earlier. But ordinary income fell to ¥319.24bn from ¥511.15bn, profit attributable to owners of parent dropped to ¥228.83bn from ¥371.06bn, and basic earnings per share declined to ¥256.44 from ¥415.75. Comprehensive income also fell, to ¥238.83bn from ¥449.63bn.
| Metric | Sep. 2023 | Sep. 2024 |
|---|---|---|
| Operating revenue | ¥2.07tn | ¥2.14tn |
| Ordinary income | ¥511.15bn | ¥319.24bn |
| Net profit attributable to owners of parent | ¥371.06bn | ¥228.83bn |
| Basic earnings per share | ¥415.75 | ¥256.44 |
| Comprehensive income | ¥449.63bn | ¥238.83bn |
| Net cash from operating activities | ¥607.44bn | ¥136.29bn |
| Total assets (period end) | ¥8.89tn | ¥9.15tn |
| Net assets (period end) | ¥2.26tn | ¥2.55tn |
| Equity ratio (period end) | 24.8% | 27.2% |
The cash-flow picture was weaker too. Net cash provided by operating activities was ¥136.29bn in the half year, against ¥607.44bn in the comparable period of the previous year. Investing cash flow was negative ¥278.45bn, compared with negative ¥212.99bn, while financing cash flow was negative ¥87.97bn versus negative ¥358.71bn. Cash and cash equivalents at period end were ¥341.77bn, compared with ¥363.10bn a year earlier.
The balance sheet still reads like a large utility's. Total assets at Sept. 30, 2024 were ¥9.15tn, up from ¥8.89tn a year earlier and above the ¥9.03tn reported at the end of March 2024. Net assets rose to ¥2.55tn from ¥2.26tn a year earlier and from ¥2.33tn at the March year-end. The equity-to-asset ratio was 27.2%, up from 24.8% a year earlier and 25.2% at the March year-end.
For scale, the previous full year ended March 31, 2024 showed operating revenue of ¥4.06tn, ordinary income of ¥765.97bn and profit attributable to owners of parent of ¥441.87bn. The important signal in the amended half-year disclosure is therefore not the size of the business, which remains large, but the fact that reported earnings and operating cash flow were lower in the latest first half even as revenue was slightly higher.
This packet is a numeric excerpt from the amended report, so the evidence is strongest on what changed in the figures, not on the reason for the amendment or the drivers of the earnings move. That limitation is real, but the reported pattern is still clear enough to matter.