Toshiba Quarterly Net Profit Falls 62%

Toshiba

posted a 62% fall in its quarterly net profit. Toshiba's net profit dropped to Y23.01 billion ($232 million) in the January-March quarter, from Y61.22 billion, in the year-ago period. Its revenue increased 0.6% to Y1.757 trillion, while operating profit declined 17% to Y96.05 billion. However, analysts were expecting a quarterly net profit of Y56.91 billion on revenue of Y1.851 trillion. For the current business year, Toshiba projects a net profit of Y100 billion on revenue of Y6.1 trillion. However, analysts were expecting a net profit of Y173 billion on revenue of Y6.3 trillion. Toshiba shares closed at $31.90 yesterday.