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Toshiba Corp. forecast an annual net loss of ¥110 billion ($968 million) after calculating the tax impact of selling its memory chip division to a group led by Bain Capital.

The Tokyo-based company revised its forecast from an earlier estimate of ¥230 billion in net income, according to a statement. The company left its operating profit and sales forecasts for the year ending March unchanged. Toshiba said the sale will be recognized for tax purposes as a non-qualified split, after it separated its memory business to secure the injection of capital from the Bain consortium.

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