Tokyo: Toshiba Corp. on Tuesday reported its first April-September net loss in four years, ahead of its stock delisting expected on Dec. 20.

For the first half of fiscal 2023, the Japanese electronics and machinery maker logged a group net loss of 52.1 billion yen, against the year-before profit of 100.6 billion yen.

The red ink reflected an equity method investment loss of 76.1 billion yen due to the deteriorating performance of major semiconductor maker Kioxia Holdings Corp., in which Toshiba holds a 40 pct stake.

Toshiba saw its first-half sales fall 6.1 percent from a year before to 1,497.6 billion yen, partly due to the shrinking market for hard disk drives for personal computers and gaming devices and falling demand for semiconductors for consumer products.

However, its operating profit jumped about 8.1-fold to 22.2 billion yen, thanks to strong energy- and infrastructure-related businesses.

For the full year to March 2024, Toshiba revised down its bottom-line projection to a loss of 5 billion yen from a profit of 30 billion yen, in light of Kioxia’s poor performance in the first half.

After the stock delisting, Toshiba plans to push ahead with management rehabilitation under the umbrella of a domestic investment fund, after being mired in turmoil since an accounting scandal came to light in 2015.

JIJI Press