Japanese conglomerate Toshiba Corp., which is going private, on Tuesday reported a loss in its second quarter, compared to prior year’s profit, while operating profit climbed from last year. Net sales also declined from the previous year with weak performance in many of its segments.<\/p>\n
Looking ahead for fiscal year 2023, the company now expects a net loss, compared to previously expected profit. Further, targets for operating profit and net sales remain unchanged.<\/p>\n
Toshiba, which agreed to be taken private by a consortium led by private equity firm Japan Industrial Partners or JIP in September, now said TBJH Inc.’s tender offer for its common stock has been completed, and the stock is expected to be delisted after the procedures have been completed.<\/p>\n
For fiscal year ending March 2024, the company now expects a net loss of 5 billion yen, compared to previously expected profit of 30 billion yen. In the prior year, net income was 126.6 billion yen.<\/p>\n
Further, the company continues to expect operating income of 110.0 billion yen, down 0.5 percent from last year. The company still projects annual net sales to be 3.20 trillion yen, representing a decrease of 4.8 percent from the prior year.<\/p>\n
In its second quarter, net loss attributable to shareholders of the company was 26.74 billion yen or $178.29 million, compared to income of 74.77 billion yen in the same quarter last year. Loss per share was 61.78 yen, compared to income of 172.45 yen a year ago.<\/p>\n
Operating income, however, climbed 43.5 percent from last year to 10.83 billion yen. Total Segment operating income grew 34 percent year-over-year to 9.49 billion yen or $63.27 million.<\/p>\n
Net sales for the second quarter declined 7.1 percent to 793.55 billion yen or $5.29 billion from 854.56 billion yen in the prior year.<\/p>\n
In the quarter, Energy Systems & Solutions sales were 141.42 billion yen or $942.79 million, 11 percent lower than last year. Building Solutions sales declined 22 percent, Electronic Devices & Storage Solutions sales were down 7 percent, and Digital Solutions sales declined 6 percent.<\/p>\n
These were partly offset by Infrastructure Systems & Solutions sales growth of 1 percent from last year to 165.11 billion yen or $1.10 billion, and Retail & Printing Solutions sales growth of 4 percent.<\/p>\n
On a regional basis, sales in Japan edged up to 442.28 billion yen or $2.95 billion from last year’s 440.27 billion yen.<\/p>\n
Overseas sales, meanwhile, declined 15 percent from last year to 351.27 billion yen or $2.34 billion, with weak sales in Asia, North America and Europe, while other regions recorded an 8 percent increase.<\/p>\n
In the first half, the company’s orders received increased 15 percent from last year, on orders for large-scale projects. Order backlog increased steadily.<\/p>\n
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