Toshiba forecasts annual profit drop vs rise expected, limited virus impact
Reuters
Published Jun 05, 2020 12:27AM ET
Updated Jun 05, 2020 01:15AM ET
TOKYO (Reuters) - Toshiba (OTC:TOSYY) Corp forecast on Friday a 15.7% drop in annual operating profit compared with expectations of a small rise in profit, even as a recent portfolio overhaul helps the industrial conglomerate limit the impact of the coronavirus outbreak.
It forecast profit of 110 billion yen ($1 billion) for the year through March 2021, down from 130.46 billion yen a year earlier.
The outlook compared with the 136.71 billion yen average of 13 analyst estimates compiled by Refinitiv.
Since a crisis stemming from the bankruptcy of the U.S. nuclear power business in 2017, Toshiba has conducted a series of restructuring steps, including the sale of its laptop and television set businesses.
It is now focusing on social infrastructure businesses that are resilient to a global economic slump driven by the coronavirus outbreak.
Strong orders for infrastructure projects and cost cuts will help partly offset a 90 billion yen impact from the outbreak, the company said in an earnings presentation document.
($1=109.2000 yen)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.