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Toshiba cuts 2010-11 operating profit estimate after quake

Toshiba cuts 2010-11 operating profit estimate after quake
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First Published: Tue, Apr 19 2011. 11 29 AM IST
Updated: Tue, Apr 19 2011. 11 29 AM IST
Tokyo: Toshiba Corp said it likely fell short of its operating profit estimate for the past business year by 4% after last month’s massive earthquake and tsunami affected operations at some of its plants.
The Japanese electronics maker said on Tuesday it now expects an operating profit of ¥240 billion ($2.9 billion) for the year ended in March, ¥10 billion short of its prior projection.
But the company revised up its net profit estimate to ¥135 billion from ¥100 billion. A spokesman said that restructuring costs had been lower than expected and that the company had sold off some real estate.
The revision was well flagged following a report in the Nikkei business daily and comments this month by Toshiba chief executive Norio Sasaki that net profit could exceed previous guidance.
The latest business year will mark Toshiba’s first year in the black on a net basis in three years. It posted a ¥19.7 billion net loss in year to March 2010.
Toshiba lowered its sales estimate to ¥6.4 trillion for 2010-11 from ¥6.6 trillion, following damage and electricity shortages at factories from the disasters.
Shares of Toshiba were unchanged in early afternoon trading on Tuesday, outperforming a 1.2% fall in the broader market .
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First Published: Tue, Apr 19 2011. 11 29 AM IST