Improved Results for Toshiba’s Fiscal Year

Toshiba Corporation of Tokyo, Japan, today reported improved fiscal year financial results. For its fiscal year that ended on March 31, 2019, Toshiba’s  net income was ¥1,013.3 billion ($9,128.4), mainly, it said, due to profits obtained from the sales of its Toshiba Memory company, which it sold for $21 billion to a consortium led by US investor Bain Capital.

However, net sales declined by ¥254.1 billion to ¥3,693.5 billion. ($33,275.1 million). Operating income was ¥35.4 billion ($319.3 million), a decrease of ¥50.8 billion.

Toshiba said it also “achieved a healthier financial condition” via structural reforms, including finalization of the sale of its PC business to Sharp Corporation, and withdrawal from a nuclear-power construction project in the U.K. the company said.

Toshiba’s Retail and Printing Solutions group reported lower sales and operating profit, which were down 37.4 percent and 6.8 percent, respectively.

For the current fiscal year that will end on March 31, 2020, Toshiba is forecasting an increase of 295 percent in operating profit to ¥140 billion, after the completion of restructuring and other projects, and revenue of ¥3.4 trillion. However, it didn’t forecast net profits, stating that it lacks insufficient information regarding its memory-chip business, a business that remains an affiliate for Toshiba.

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