Toshiba profits rise on hardware and demand in the auto sector

This February 19, 2022 file photo shows the Toshiba Corporation logo on a corporate building in Kawasaki, near Tokyo. AP PHOTO

Tokyo: Toshiba Corp on Wednesday reported a 44 percent improvement in its profit in the previous quarter as it revamped its brand image and reassured investors about its management.

The Tokyo-based tech giant reported income of 25.9 billion yen ($192 million) in April to June, up from 18 billion yen a year earlier. Quarterly sales rose 2% to 740.7 billion yen ($5.5 billion).

Toshiba promised to increase sales by moving forward with clean energy projects, infrastructure, data services, hardware and storage businesses. She said profitability improved for electronics, storage and digital solutions, and demand was good from the auto sector.

In March, investors rejected a company-backed reform proposal to split Toshiba into two companies. An earlier plan, which was also scrapped, had called for a tripartite division.

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Toshiba is considering privatization as it tries to move forward with its restructuring plan. A special committee comprising of external directors was formed to oversee the restructuring effort.

Founded in 1875, Toshiba has been a respected Japanese brand behind electric rice cookers and laptops. She sold her prized flash memory business as her fortunes plummeted.

The company has been struggling since the Fukushima nuclear disaster in March 2011. The tsunami caused three reactors to collapse, releasing radiation into an area that is still partly a restricted area. The company is engaged in decommissioning efforts, which will take decades.

It has also been embroiled in problems at its former US nuclear unit Westinghouse Electric, which filed for bankruptcy protection in 2017.

Her reputation was also tarnished by an accounting scandal, which involved books that had been manipulated for years.

Toshiba officials declined to comment on the direction of its nuclear business, noting that Wednesday’s event was focused on finances. They said the review was ongoing.

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