Toshiba Incurs First Half Net Loss of ¥49.7 Billion (News)
Tokyo, Nov. 9 (Jiji Press)—Struggling Japanese electronics and machinery maker Toshiba Corp. on Thursday reported a group net loss of ¥49.7 billion for April-September, the first half of fiscal 2017.
The company fell into the red for the first time in five years on a fiscal first-half basis as it booked in advance taxes related to the planned sale of its prized flash memory unit, Toshiba Memory Corp.
For the full year to March 2018, Toshiba expects to report a group net loss of ¥110 billion.
Toshiba also said its shareholder equity stood at minus ¥619,767 million as of the end of September.
The company plans to pull itself out of the negative shareholder equity by completing by the end of March 2018 the sale of the chip unit to a Japanese-US-South Korean team led by US private equity fund Bain Capital.[Copyright The Jiji Press, Ltd.]