Toshiba Reports Loss for First Quarter

Toshiba Corporation of Tokyo, Japan, reported a net loss of ¥140,228 million ($1.3 billion) for its first quarter that consisted of the three months ending on June 30, 2019. Sales were ¥813,158 million, versus ¥842,277 million for the same quarter a year earlier.

Toshiba said the loss was due to a loss of ¥89.3 billion related to its agreement to transfer its liquefied natural gas operation in the United States to a French oil company as part of its restructuring efforts. It also said it was affected by the U.S.-China trade and tariff war.

The company also reported that net sales for its Retail & Printing Solutions group were ¥118,297 million, versus ¥116,973 million for the same quarter a year ago. Operating income for the group was ¥4,208 million versus ¥4,535 million for the same quarter a year earlier.

Toshiba maintained its forecast of ¥140 billion for its fiscal year that will end on March 30, 2020, and also maintained sales of ¥3.4 trillion, the latter of which would be down 7.9 percent versus its previous fiscal year.

Toshiba’s complete presentation for its first quarter can be found here.

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