Toshiba, Toshiba TEC Report Latest Financial Results

On August 8, 2018, Toshiba TEC of Tokyo, Japan, reported results for its fiscal first quarter (April 1 to June 30, 2018), reporting that net sales were down 1.1 percent to ¥114 billion, operating profit was down 26.9 percent to ¥4 billion, and profits were up 10.2 percent to ¥1,608 million, all versus the same quarter a year ago.

Note that Toshiba TEC is a subsidiary of Toshiba Corporation of Japan. Toshiba Business Solutions and Toshiba America Business Solutions are subsidiaries of Toshiba TEC.

Parent company Toshiba Corporation of Tokyo, Japan, also reported results for its fiscal first quarter, reporting record quarterly profits, due to the $18 billion sale of its Toshiba Memory business to a consortium led by private-equity firm Bain Capital. Under the sale, Toshiba repurchased 40-percent of the memory business.

Toshiba reported net profits of ¥1.02 trillion ($9.16 billion) for the quarter, up from ¥50.33 billion a year before, as it received ¥966 billion in gains from the sale of the memory business. However, sales for the quarter declined ¥66.1 billion, as its Energy Systems and Solutions group recorded lower sales.

For its Retail and Printing Solutions group, Toshiba recorded net sales of ¥117.0 billion, down 0.9 percent versus the same quarter a year ago. but operating income was ¥4.5 billion, up 0.7 percent versus the same quarter a year ago.

The company also maintained its profits forecast for its fiscal year that will end on March 31, 2019 at ¥1.07 trillion.

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