Japan's Toshiba Corp posted its highest quarterly profit in two years on We...
TOKYO - Japan’s Toshiba Corp posted its highest quarterly profit in two years on Wednesday and said it will buy out three of its listed subsidiaries as the industrial conglomerate moves on from accounting scandals and a management crisis.
Toshiba reported a much stronger-than-expected operating profit of 44.23 billion yen for the second quarter ended September, up from 6.25 billion yen a year prior, as it cut costs and reined in low-margin infrastructure projects.Toshiba maintained its profit forecast for the year ending March at 140 billion yen, versus 35.4 billion yen a year earlier, in line with the target the company set in its five-year plan.
The move comes as some activist shareholders have pushed for more action to overhaul its sprawling asset portfolio. Toshiba has shifted its focus to profits from scale since massive accounting scandals that eventually led to the bankruptcy of U.S. nuclear power unit Westinghouse and the sale of its prized memory chip unit.
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