Toshiba Corp. said Friday it returned to profitability in the April to June quarter, helped by the sale of its white goods unit to China’s Midea Group Co. as the industrial conglomerate proceeds with broad restructuring after an accounting scandal.
Toshiba’s group net profit came to ¥79.80 billion, a turnaround from a ¥12.27 billion loss a year earlier. Operating profit stood at ¥20.06 billion, compared with a ¥6.55 billion loss, as sales fell 1.9 percent to ¥1.21 trillion.
After marking a group net loss for the second straight year in fiscal 2015, the company is aiming to become profitable in the current business year through next March.
The company has retained a forecast of ¥100 billion in group net profit for the current fiscal year. Operating profit is estimated at ¥120 billion for the year on sales of ¥5.10 trillion, down 10 percent.
Toshiba, an electronic conglomerate that makes everything from computers to nuclear power equipment, has been undertaking a spate of restructuring steps after revelations last year that it had overstated profits for years.
Toshiba shares climbed to ¥273.9, up 3.79 percent, on the Tokyo Stock Exchange Friday on reports that the electronics maker was set to return to the black.
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