Net profit reached 18.5 billion yen (154.2 million dollars), compared with a loss of 254.0 billion yen the previous year, and pre-tax profit reached 53.1 billion yen, against a 376.7 billion yen loss.

Toshiba Corp. said revenue grew 4.9 percent to 5.66 trillion yen.

"Increased sales of digital devices for consumers, and economic growth in the Asian region helped increase sales of semiconductors and electronic devices," said company vice president Kiyoaki Shimagami.

"Profit-wise, the effect of restructuring and the growth of the semiconductor business helped significantly," he told a news conference.

Last year Toshiba said it expected to reduce costs by 180 billion yen through 11,000 job cuts and streamlining of operations. The restructuring saw operating profits rebound and all the firm's business segments ended the year in the black.

The highest sales growth was in Asia, where revenue rose 27 percent to 837.8 billion yen. In contrast, revenue in Japan was flat at 3.34 trillion yen.

"Sales of home appliances were undermined by price erosion and weak consumer demand in Japan," the statement said.

Despite the solid earnings results, Toshiba was cautious about the current six months to September due to uncertainties over the US and Japanese economies.

But the second half "may finally see the transition to a new phase of growth and some improvement in economic conditions", it said.

Demand for chips used in mobile phones was expected to grow in the coming months, while continued demand in Asia for home appliances should also support the company's bottom line.

Toshiba expects net profit in the current year to more than double to 40 billion yen. Pre-tax profit is forecast at 90 billion yen and sales at 5.7 trillion yen.

SPACE.WIRE