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May 23, 2017

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Toshiba net profit down 34 percent as it eyes Alstom's power grid unit

TOKYO--Toshiba said Thursday its full-year net profit fell about 34 percent with one-off costs weighing on its bottom line as the Japanese firm reportedly eyes French giant Alstom's power-grid business.

The fall in Toshiba's net earnings to 50.83 billion yen (US$500 million) in the fiscal year to March was chiefly due to the cost of exiting an optical disc drive business jointly run with South Korea's Samsung. That was about half Toshiba's earlier net profit forecast.

However, operating profit jumped 47 percent to 290.76 billion yen while sales came in at 6.50 trillion yen, up 13.5 percent from a year earlier, the technology and engineering conglomerate said.

"Our company saw a boost in sales in all five business segments and, in particular, the electronic devices division saw a big rise," it said in a statement.

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