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Toshiba swings to net loss in April-September

Journalists sit in front of a logo of Toshiba prior to the company’s press conference in Tokyo on November 8, 2018. (AFP)
Journalists sit in front of a logo of Toshiba prior to the company’s press conference in Tokyo on November 8, 2018. (AFP)
13 Nov 2019 11:11:32 GMT9
13 Nov 2019 11:11:32 GMT9

Tokyo

Toshiba Corp. said Wednesday that it swung to a consolidated net loss of 145,146 million yen in April-September from the year-before profit of 1,082,136 million yen.

The Japanese machinery and electronics maker was hit by weak earnings at a memory chip company, of which it owns about 40 percent, and losses from the sale of liquefied natural gas operations in the United States.

But operating profit jumped some 7.5-fold to 52,053 million yen due mainly to higher earnings at social infrastructure and building solution operations and the effects of restructuring.

Sales went down 3.7 percent to 1,711,400 million yen. The board of Toshiba approved plans to take full control of three of its four publicly traded subsidiaries.

The three are Toshiba Plant Systems & Services Corp., Nishishiba Electric Co. and NuFlare Technology Inc. They are expected to be delisted from the Tokyo Stock Exchange.

The practice of having listed units has been under fire for causing a conflict of interest between the parent company and minority shareholders.

Jiji Press

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