24/7 Space News
Toshiba posts 35% decline in full-year net profit
Toshiba posts 35% decline in full-year net profit
by AFP Staff Writers
Tokyo (AFP) May 12, 2023

Japanese conglomerate Toshiba on Friday said full-year net profit fell by more than a third due partly to weak sales in electronic devices and other one-off factors.

It also said a planned takeover bid process that is expected to take the company private will likely start in late July.

For the year that ended March, the engineering giant booked a 126.57 billion yen ($940 million) net profit, down 35 percent on-year, on sales of 3.36 trillion yen, up 0.7 percent.

Operating profit dropped 30.4 percent to 110.55 billion yen, mainly because of a contraction of the hard disk drive market, and other one-off factors, Toshiba said.

For the current financial year to March 2024, it forecasts a 110 billion yen operating profit, down 0.5 percent from the previous year, on sales of 3.2 trillion yen, down 4.8 percent.

It did not provide a forecast for full-year net profit.

In 2018, Toshiba sold its prized chip unit Toshiba Memory to a group led by US investor Bain Capital.

Toshiba retains a 40 percent stake in the chip business, which was renamed Kioxia.

In March, Toshiba approved a $15 billion takeover bid by a consortium led by investment fund Japan Industrial Partners.

If the acquisition is successful, it will take the engineering giant private.

The long-awaited move follows years of turmoil for the company, which once symbolised Japan's tech prowess but has more recently faced scandals, financial trouble and high-level resignations.

The JIP-led consortium includes 17 Japanese businesses and six Japanese financial institutions, which are investing in or issuing loans for the deal.

Toshiba, which produces everything from rice cookers to medical equipment and nuclear plants, has been rocked by turbulence since 2015 when a profit-padding scandal erupted.

That led to huge losses, followed by a recovery that brought pressure from new activist shareholders.

Foreign investors have kept Toshiba afloat, but have also pushed for faster growth and a clearer long-term strategy.

In April last year, the firm said it was suspending a plan to split in two after a shareholder vote against the idea and would weigh going private.

Related Links
The latest information about the Commercial Satellite Industry

Subscribe Free To Our Daily Newsletters

The following news reports may link to other Space Media Network websites.
UK gives Viasat clearance to acquire Inmarsat
London, UK (SPX) May 10, 2023
Viasat Inc., (NASDAQ: VSAT), a global communications company, and Inmarsat, a leading provider of global mobile satellite communications services, are pleased that the UK's Competition and Markets Authority (CMA) has announced the conclusion of its Phase II review, which confirmed its provisional findings that the transaction does not raise competition concerns, and allows Viasat's proposed acquisition of Inmarsat to proceed without remedies. This decision is an important milestone towards complet ... read more

Virgin to launch commercial spaceflights in June

Prep in the pool for Europe's next astronauts

Cosmonauts transfer airlock between ISS modules

NASA selects Emily Nelson as Chief Flight Director

New standard will aid in development of spaceport descriptions

China's reusable experimental spacecraft successfully lands

Phantom Space and Quub sign multiple launch agreement

Rocket Lab successfully launches 2 NASA storm-monitoring satellites

Ubajara drill site gets green light: Sols 3823-3824

Check And Double Check: Sols 3821-3822

The mysterious origins of Martian meteorites

Aerovironment awarded $10M JPL to co-design and develop two helicopters for Mars Sample Return mission

Tianzhou-5 cargo craft separates from China's space station

Final frontier is no longer alien

China to promote space science progress on five themes

China to develop satellite constellation for deep space exploration

Toshiba posts 35% decline in full-year net profit

How NASA's work led to commercial spaceflight revolution

UK gives Viasat clearance to acquire Inmarsat

Airbus Eurostar Neo Arabsat BADR-8 telecoms satellite shipped to launch site

Upcoming ISS project will test 3D materials for satellite manufacturing

Integral imaging-based tabletop light field 3D display with large viewing angle

Google answers ChatGPT challenge with Bard expansion

General Atomics delivers spacecraft simulator supporting NASA TSIS-2 program

Webb looks for Fomalhaut's asteroid belt and finds much more

Hubble follows shadow play around planet-forming disk

Hunting for life's building blocks at minus 250 degrees Celsius

A stormy, active sun may have kickstarted life on Earth

NASA: Up to 4 of Uranus' moons could have water

New video series captures team working on NASA's Europa Clipper

Work continues to deploy Juice RIME antenna

Juice's first taste of science from space

Subscribe Free To Our Daily Newsletters


The content herein, unless otherwise known to be public domain, are Copyright 1995-2023 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.