Japan's Toshiba net profit down 18.5 pct for first half

October 31, 2011 | 14:46

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Japanese technology giant Toshiba on Monday said its net profit dropped 18.5 per cent in the six months to September mainly due to a strong yen and the impact of the March 11 earthquake and tsunami.

Toshiba's group net profit came to 22.7 billion yen ($287 million) for the first half, down from 27.8 billion yen for the same period last year.

The company, whose operations range from consumer electronics to nuclear power plants, said operating profit declined 23.4 per cent to 80.2 billion yen with sales down 5.5 per cent at 2.9 trillion yen.

The revenue and profit declines were mainly due to a slump in its digital products and electronics devices businesses, which were hit by "the impact of sharp yen appreciation and the March earthquake," a company statement said.

Toshiba has left its projection for the full year to March 2012 unchanged, still forecasting 140 billion yen in net profit and 300 billion yen in operating profit on sales of 7.0 trillion yen.

AFP

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