By Kosaku Narioka
Toshiba Corp. said Friday that it swung to a net loss in the fiscal year ended March due to non-operating losses from its natural gas and affiliated memory-chip businesses.
The Japanese industrial company said its net loss was 114.63 billion yen ($1.05 billion) for the year ended March 31, compared with a net profit of Y1.013 trillion the year before, which had been boosted by the sale of its memory business.
Toshiba said it booked losses from the sale of its natural gas business and from losses posted by the memory-chip business it owns a 40% stake in.
Fourth-quarter net profit was Y30.99 billion, given a net loss of Y145.63 billion in the preceding nine-month period, according to a Wall Street Journal calculation. That beat the estimate of Y25.6 billion net profit from a Visible Alpha poll of analysts.
Fiscal-year revenue decreased 8.2% to Y3.390 trillion.
Excluding special factors such as restructuring costs and the impact of the Covid-19 pandemic, core operating profit doubled to Y161.6 billion from Y80.5 billion a year earlier, it said.
Operating profit rose 58% for its infrastructure business and 72% for its building business, and its energy system business swung back to profitability.
Toshiba said that for the year ending March 2021 it expects revenue to decrease 6.2% to Y3.180 trillion and operating profit to fall 16% to Y110.00 billion. The company didn't issue a net profit guidance.
Write to Kosaku Narioka at firstname.lastname@example.org