TOKYO (Reuters) - Japan's Toshiba Corp on Wednesday reported a 64% drop in quarterly operating profit as the industrial conglomerate struggled with the impact of the COVID-19 pandemic.
Operating profit for the second quarter ended September came to 15.75 billion yen ($149.84 million), down from 44.23 billion yen in the same period a year prior.
That compared with a 23.30 billion yen average of five analyst estimates compiled by Refinitiv.
Toshiba maintained its profit forecast for the year ending March at 110 billion yen, down 15.7% from a year earlier.
The outlook compared with a consensus estimate of 131.03 billion yen from 12 analysts.
A new midterm business plan released on Wednesday targets operating profit of 400 billion yen in the year through March 2026, with the ratio of profit to sales at 10%, by expanding businesses related to renewable energy, medicine and quantum cryptography.
Those targets, however, are roughly the same numbers the company had set for the year through March 2024 in the previous business plan.
($1 = 105.0800 yen)
(Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman and Christopher Cushing)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU