Toshiba returns to Q1 revenue on need for automotive chips

Freda Walters

Hopes to maintain EGM to appoint new board chairman by yr-stop Q1 profit 14.5 bln yen vs 14.9 bln yen consensus estimate Maintains once-a-year gain forecast at 170 bln yen TOKYO, Aug 12 (Reuters) – Toshiba Corp (6502.T) claimed on Thursday it swung back to profit in the initial quarter, […]

  • Hopes to maintain EGM to appoint new board chairman by yr-stop
  • Q1 profit 14.5 bln yen vs 14.9 bln yen consensus estimate
  • Maintains once-a-year gain forecast at 170 bln yen

TOKYO, Aug 12 (Reuters) – Toshiba Corp (6502.T) claimed on Thursday it swung back to profit in the initial quarter, as revenue of automotive chips and tough disk drives get better from a pandemic-driven slump in demand from customers.

The scandal-hit Japanese conglomerate also said it has been doing the job on the range of candidates for a lasting CEO and board chairman.

Satoshi Tsunakawa, a veteran Toshiba government who has taken on each positions in an interim potential, informed reporters he hopes an extraordinary shareholders assembly to appoint a new board chairman will be held by the conclude of this year.

Toshiba posted an functioning gain of 14.5 billion yen ($132 million) for April-June, in line with estimates and reversing a yr-before reduction of 12.6 billion yen. It was its fourth consecutive quarter of running income. Product sales jumped 21{a248e5b80c230eadd21ddb63dd84d82fc59867695094f52c900e1818e1ed19f8}.

Its estimate of 170 billion yen in operating revenue for the total 12 months was unchanged.

The brand of Toshiba Corp. is found at the company’s facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon

An impartial investigation in June concluded Toshiba colluded with Japan’s impressive trade ministry to block traders from getting influence at final year’s normal conference – an explosive obtaining that resulted in the ouster of its board chairman.

Toshiba’s past CEO remaining in April in excess of controversy about a $20 billion buyout bid from CVC Money Associates that the conglomerate dismissed, angering some shareholders. That in convert has prompted Toshiba to promise a strategic overview.

Tsunakawa said Toshiba was performing on the overview and reiterated it was open to take-non-public bids despite the fact that it has not gained any other provides.

Toshiba programs to announce a new midterm business enterprise program in October as it is even now having difficulties to construct new gain motorists soon after the sale of the prized memory chip unit and the bankruptcy of the U.S. nuclear business enterprise – both of those of which transpired in the wake of accounting scandals.

($1 = 110.3900 yen)

Reporting by Makiko Yamazaki Editing by Edwina Gibbs

Our Specifications: The Thomson Reuters Belief Principles.

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