Toshiba turmoil update
Reuters News Service is reporting that Toshiba Corp. cut its full-year operating profit outlook after a 75% slump in second-quarter profit
- “dismal results that heighten the uncertainty surrounding its prospects for a buyout deal”
- cut its profit forecast for the year ending in March, 2023 by roughly a quarter to 125 billion yen ($885 million)
- Bloomberg News is reporting that there is a disagreement over whether to keep Toshiba’s management after selling out
- Causing friction between firms who are competing to buy Toshiba
- Also stoking concern among Japanese banks
- Kioxia Holdings Corp, a memory chip maker some 40% owned by Toshiba, has also said it would cut production by about 30% from in October.
- Toshiba TEC division, for the first 6 months of its fiscal year, total net sales up 26.9% to 243.9 billion yen
- Operating profit up 1.6% to 6 billion yen
- Ordinary profit down 0.3% to 2.8 billion yen
- Loss of 6.4 billion yen
- Workplace Solutions Business Group net sales up 12.3% to 100.2 billion yen
- Operating profit up 2.5% to 1.1 billion yen