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Toshiba 9-month Net Profit Climbs, Operating Income Down; Cuts FY Profit View

Japanese conglomerate Toshiba Corp. (TOSYY.PK,TOSBF.PK) reported Wednesday that its nine-month net income attributable to shareholders was 1.02 trillion Japanese yen or $9.20 billion, an increase of 994.6 billion yen, inclusive of profit from completion of the sale of Toshiba Memory Corp.

Income from continuing operations, before income taxes and noncontrolling interests, meanwhile, declined by 77.5 billion yen to 10.4 billion yen. Operating income was 8.2 billion yen or $73.9 million, a decrease of 47.3 billion yen. Of this drop, 14.2 billion yen was attributable to the scaling back of emergency measures that were in place in FY2017, including reducing cuts in bonus payments.

Toshiba Group's net sales decreased by 153.1 billion yen to 2.65 trillion yen or $23.85 billion.

Looking ahead for fiscal 2018, the company revised down its forecast for earnings per share attributable to shareholders by 50.0 billion yen from the previous forecast, and trimmed forecast for operating income by 40.0 billion yen. Further, the company lifted sales view.

The company now expects attributable net income of 870 billion yen or 1,404.31 yen per share, operating income of 20 billion yen, and net sales of 3.62 trillion yen. Previously, the company expected attributable net income of 920 billion yen or 1,411.79 yen per share, operating income of 60 billion yen, and net sales of 3.60 trillion yen.

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