The restructuring in Toshiba delivers results

The_restructuring_in_Toshiba_delivers_results

Due to the serious measures for restructuring the Japanese consumer electronics company, Toshiba comes out at a profit for the first time in six quarters.

For the period between April and June the Group, which was affected by an accounting scandal for several billion dollars has made an operating profit of about 177 million euros (20.1 billion yen) compared to a loss of 57 million euros a year ago, reports Reuters.

For the ending in March 2017 fiscal year, Toshiba still expects a profit of around 1.1 billion euros. The shares ended the session with a growth of 3.8%.

Last year, the conglomerate reported a loss of 6.24 billion euros. The reason is related to the accounting scandals and manipulations. In April 2015 Toshiba started the process of restructuring 14 thousand jobs were cut, semiconductors division was contracted, and some divisions – sold. The remaining today under the umbrella company focuses mainly on the production of chips, nuclear reactors, and infrastructure business.

About the Author

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Martina T.
Martina Terzieva is a content writer for Business News Feeds. She likes to dig deep, find the most interesting things that happen and share them with the world. Besides news, Martina writes poetry, she's also a musician and a sound engineer.

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