Toshiba H1 Profit Rises; Cuts FY Operating Income View, Raises Sales Forecast

Toshiba Corp. (TOSYY.PK,TOSBF.PK), a Japanese conglomerate, on Friday posted a rise in profit for the first-half, mainly due to an increase in non-operating income that includes improvement in income on sale of securities and equity, earnings of affiliates, and others.

In addition, the company has raised its full-year net sales outlook, while revising down operating earnings guidance.

For the six-month period to September 30, the Tokyo-headquartered firm reported a net income of 100.7 billion yen or 231.95 yen per share, compared with 59.8 billion yen a year ago.

Pre-tax earnings were at 130.5 billion yen as against last year's 82.1 billion yen.

Operating profit fell 94 percent to 2.738 billion yen from 44.976 billion yen of previous year period. The decline was mainly due to one-time factors including approximately 13 billion yen provision for HDD product warranty, around 10 billion yen goodwill impairment in the printing business, and a drastic change in the HDD market.

Non-operating income surged to 127.8 billion yen, compared with 37.1 billion yen, posted for the first-half of 2021. The company generated net sales of 1.595 trillion yen, 3.2 percent higher than 1.546 trillion of last fiscal.

For the fiscal to March 31, 2023, the company now expects to report net sales of 3.350 trillion yen, a rise of 50 billion yen compared with the previous forecast. Toshiba now also projects an operating income of 125 billion yen, a decline of 45 billion yen from the previous forecast.

For the full-year, the company expects to pay a total dividend of 290 yen.

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