TOKYO; Electronics maker Toshiba Corp. said Wednesday that profit more than tripled in the October-December quarter as gains from its medical technology and power-generation unit, offset slumping performance of mobile phones and personal computers.
Net income climbed to 72.4 billion yen (US$599.2 million; euro461.9 million) in the company’s fiscal third quarter from 21.9 billion yen a year earlier, the Tokyo-based company said in a release. Sales rose 13 percent to 1.79 trillion yen (US$1.48 billion; euro1.14 billion), from 1.58 trillion yen.
While Toshiba said price competition hurt margins at its mobile phone and computer businesses, strong results by other units more than offset their negative performance.
Encouraged by the results, Toshiba lifted its full-year profit forecast 9 percent to 120 billion yen (US$991.7 million; euro764.49 million) and boosted its sales outlook 3.7 percent to 7 trillion yen (US$57.9 billion; euro44.63 billion).
Sales at the company’s medical and power unit rose 6 percent, while the sector’s operating profit nearly doubled to 22.2 billion yen (US$183.5 million; euro141.5 million). The surge was thanks partly to Toshiba’s purchase earlier this year of a 77 percent stake in Westinghouse Electric Co., a U.S. producer of atomic power plant equipment.
Toshiba’s home appliance and lighting unit also returned to operating profit in the period from a loss the year before, boosted by solid air-conditioner sales, the company said.