Business Tech

Toshiba: Drop in Quarterly Operating Results

TOKYO (Reuters) -On Tuesday, Toshiba, the world’s No.2 maker of flash memory , reported a 72% drop in its quarterly operating results and lowered its annual forecast against a backdrop of strong yen and sluggish economic climate .

The Japanese electronics conglomerate has also suffered floods in Thailand, which forced to stop some of its production lines for the period October-December third quarter of fiscal year.

It now expects an operating profit of 200 billion yen (about 2 billion euros) over the year ending in late March, against 300 billion previously. The market anticipated for its part 275 billion yen, according to Thomson Reuters I / B / E / S.

The group is suffering from declining demand for its personal computers and televisions, but benefits from the robust sales of tablets and other devices using its flash memory.

Weak sales of televisions in Japan, which has also affected groups such as Sony or Panasonic, Toshiba has led review its sales forecast to 15 million TV units throughout the year, against 18 million previously .

“Toshiba has managed its TV segment relatively well, but now it knows all the same a similar fate to that of its competitors,” Judge Yoshiharu Izumi, an analyst at JP Morgan.

Operating profit was 10.5 billion yen (105 million), while the market awaited 58.8 billion yen, according to Thomson Reuters I / B / E / S.

Net income was him in lost 10.6 billion yen, against a net profit of 12.37 billion yen a year earlier.

Toshiba’s sales in the business of electronic devices, including semiconductors, fell 10%, while those of the digital products division, which includes LCD TVs, shrank by a quarter.

Toshiba lost the title a third of its stock value over the last 12 months, against a decline of 14% for the Nikkei.

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