Wednesday, 23 Jun 2021

Toshiba expects 63% annual profit rise amid calls for strategic review

FILE PHOTO: The logo of Toshiba Corp at the company’s headquarters in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai

TOKYO (Reuters) – Japan’s Toshiba Corp forecast on Friday a hefty 63% rise in annual operating profit after pandemic-induced pain in the last year and as restructuring measures bear fruit.

The conglomerate, under much scrutiny amid calls for a strategic review after it dismissed a $20 billion buyout bid, said it is projecting 170 billion yen ($1.6 billion) in operating profit for the year to end-March.

That compares with a consensus estimate of 179 billion yen drawn from 13 analysts polled by Refinitiv.

For the year just ended, Toshiba posted an 20% slide in operating profit to 104.4 billion yen.

($1 = 109.5200 yen)

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