Toshiba returns to Q1 profit, in line with estimates

TOKYO: Japan’s Toshiba Corp on Thursday reported a first-quarter operating profit that was in line with analyst estimates, helped by cost cuts and a recovery from a pandemic-driven hit to demand.

The Japanese conglomerate, which is conducting a strategic review, posted an operating profit of 14.53 billion yen ($132 million) for the April-June quarter, reversing a year-earlier loss of 12.64 billion yen.

The result compared with the 14.90 billion yen average of 5 analyst estimates compiled by Refinitiv.

Toshiba maintained its annual profit forecast at 170 billion yen.

Toshiba began a strategic review in June to look at all of its assets and to engage with potential investors after the company dismissed a $20 billion take-private bid from CVC Capital in April, angering some shareholders.