Toshiba logs group net loss in April-Dec. period, restructuring efforts pay dividends

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TOKYO, Feb. 14 (Xinhua) — Toshiba Corp. said Friday it logged a group net loss of 145.63 billion yen (1.32 billion U.S. dollars) in the April-December period, compared to a profit of 1.02 trillion yen (9.28 billion U.S. dollars) booked in the same period a year earlier.

The Tokyo-based company said, however, its group operating profit surged more than seven-fold to 62.52 billion yen (569.18 million U.S. dollars) in the nine-month period from a year earlier, on sales of 2.46 trillion yen (22.39 billion U.S. dollars), a drop of 7.1 percent.

The multinational conglomerate maintained its group operating profit outlook at 140 billion yen (1.27 billion U.S. dollars) for the fiscal year through March, although cut its group sales forecast to 3.43 trillion yen (31.21 billion U.S. dollars) from 3.44 trillion yen.

“We believe our business had hit bottom and expect it to turn around toward our target of group operating profit at 140 billion yen (1.27 billion U.S. dollars) in the current business year,” Masayoshi Hirata, Toshiba Chief Financial Officer, told a press conference Friday.

Toshiba has been restructuring its business in a bid to lower costs, with such moves involving leaving its loss-making TV and computer businesses, as well as its nuclear power businesses in the United States.

In a bid to boost revenue over the five years to March, Toshiba successfully spun off its profitable memory chip and medical equipment businesses, while slashing its workforce by 7,000 employees.

Such restructuring and cost-cutting measures have helped Toshiba boost its operating profit by 37.4 billion yen (340.46 million U.S. dollars) in the April-December period, the company said.

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