Tepco chief quits after 15 bn loss on N-crisis

Tokyo Electric Power Co reported a net loss of 15 billion on Friday to account for the disaster at its Fukushima nuclear power plant,marking Japans biggest non-financial loss,and it warned its future was uncertain.

The company said president Masataka Shimizu,66,will step down to take responsibility for the disaster and radiation leaks at the plant,making way for an insider,managing director Toshio Nishizawa,60. Engineers are battling to bring the plant under control more than two months after a 9.0 magnitude earthquake and deadly tsunami led to the worst nuclear crisis since Chernobyl.

The disaster has triggered a drop of more than 80 per cent in Tokyo Electrics share price and prompted the government to step in with a fund to handle compensation claims that some analysts say could top 100 billion. The results were released after the close of trading.

Shimizu,speaking to a packed conference in Tokyo,bowed at the start of the conference. We feel sorry for the victims of the earthquake and tsunami. At the same time we want to sincerely apologise for our nuclear reactors in Fukushima causing so much anxiety,worry and trouble to society, the president said.