Toshiba Reports Results for Fiscal Year

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Toshiba Corporation of Japan reported results for its fiscal year that ended on March 31, 2018, reporting a profit versus a loss for its previous fiscal year, and avoiding de-listing from the Tokyo Stock Exchange.

Toshiba reported a record net profit of 804.0 billion yen ($7.3 billion), compared with a loss of 965.7 billion yen for its previous fiscal year, marking its first profit for in four years.

Sales, however, declined 2.4 percent to 3.95 trillion yen, and operating profit declined 21.9 percent to 64.1 billion yen.

Toshiba’s memory-chip business brought in about 90 percent of Toshiba’s operating profit for the first six months of its fiscal year. The company still intends to sell its memory-chip business to a consortium led by private-equity firm Bain Capital, but is waiting for regulators in China to approve the deal.

Forecast

Toshiba is forecasting a net profit of 1.07 trillion yen for its current fiscal year that will end in March 2019, up 33.1 percent versus the previous year, and sales of 3.6 trillion yen.

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