News Article

Net gain for Toshiba increased by 26% in fiscal 2018 after selling chip unit

Toshiba Corp. said Monday, after selling their prized chip unit in June, their group net gain in the year ending March grew 26 percent to a record 1.01 trillion yen.

The top line of the technology conglomerate has been strengthened by Toshiba Memory Corp.’s 2 trillion yen ($ 18 billion) sale to a global consortium including U.S. personal equity firm Bain Capital LP, Apple Inc., Dell Inc., and South Korean chipmaker SK Hynix Inc. Bain retains 49.9 percent of the chip company’s voting shares, while Toshiba owns 40.2 percent of the shares and optical glass maker Ho Hynix Inc. has 9.9 percent. Hynix and Apple, without voting rights, also hold stakes.

Operating income for Toshiba group dropped 58.9 percent from the prior year to 35.45 billion yen on revenues of 3.69 trillion yen, down 6.4 percent.

The business expects its operating profit to reach 295 percent to 140 billion yen a year by next March, while its group revenues will drop 7.9 percent to 3.4 trillion yen.

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