Toshiba forecasts annual profit drop vs rise expected, limited virus impact

published 05.06.2020 07:04

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It is now focusing on social infrastructure businesses that are resilient to a global economic slump driven by the coronavirus outbreak.

It forecast profit of 110 billion yen ($1 billion) for the year through March 2021, down from 130.46 billion yen a year earlier.

REUTERS/Toru Hanai TOKYO (Reuters) - Toshiba Corp forecast on Friday a 15.7% drop in annual operating profit compared with expectations of a small rise in profit, even as a recent portfolio overhaul helps the industrial conglomerate limit the impact of the coronavirus outbreak.

FILE PHOTO - The logo of Toshiba Corp is seen behind cherry blossoms at the company's headquarters in Tokyo, Japan April 11, 2017.

Strong orders for infrastructure projects and cost cuts will help partly offset a 90 billion yen impact from the outbreak, the company said in an earnings presentation document.