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Toshiba Corp. said Wednesday that it has set its consolidated sales target for fiscal 2003 at 7.9 trillion yen, up more than 30 percent from fiscal 2000.

Unveiling its midterm business plan, which covers fiscal 2001 through fiscal 2003, the electronics firm said it also aims to double its consolidated operating profits from fiscal 2000 levels to 450 billion yen and its consolidated net profits to 200 billion yen in fiscal 2003.

In an effort to reinforce its information technology businesses, Toshiba will spend 1 trillion yen over the next three years on IT operations — about 90 percent of the group’s total investment.

In addition, spending on research and development on IT-related fields will reach 900 billion yen over the three-year period — about 70 percent of the group’s R&D investment.

The midterm plan also includes the creation next month of two new in-house companies to promote mobile and online solution businesses and the establishment of a new technology center in Tokyo in October.

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