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Toshiba turns to profit in Q1, lifts forecast for H1

Staff Writer |
Toshiba reported that its first-quarter net income attributable to shareholders improved to 79.80 billion Japanese yen or $774.8 million from last year's net loss of 12.27 billion yen.

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The profit mainly reflected the inclusion of profit from discontinued operations, including a gain of 83.9 billion yen from sale of Home Appliances business.

The Group recorded consolidated operating income of 20.1 billion yen or $194.8 million, an improvement of 26.6 billion yen from last year, reflecting a significant reduction of fixed costs through structural reform and continued emergency measures, including bonus reductions.

Toshiba Group's net sales decreased to 1.21 trillion yen or $11.72 billion from last year's 1.23 trillion yen. Although Energy Systems & Solutions segment recorded higher sales, primarily because of consolidation of a nuclear construction and integrated service business provider, shrinkage of the PC and TV businesses had an impact, the company said.

Looking ahead, for the first half of fiscal 2016, the company now expects net sales of 2.47 trillion yen, higher than previous estimate of 2.35 trillion yen. Operating income is now expected to be 30 billion yen, compared to previous view for a loss of 20 billion yen.

The company further said it will not change its full-year business results forecast for the FY2016.

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