SUBMIT PICTURE: The logo of Toshiba Corp is seen as window cleaners work on the company’s head office in Tokyo, Japan, February 14,2017 REUTERS/Toru Hanai
TOKYO (Reuters) – Japanese commercial corporation Toshiba Corp reported on Wednesday its first quarterly operating loss in almost 4 years as the coronavirus pandemic hit need for its electronic gadgets, photo copiers and chip-making equipment.
The company published an operating loss of 12.6 billion yen ($118 million) for the April-June quarter, versus a year-before revenue of 7.83 billion yen.
The result was even worse than an average expert quote for a 3.43 billion yen loss put together by Refinitiv, but in line with Toshiba’s own prediction in June that operating losses in the April-September half might total 10 billion to 20 billion yen.
Toshiba last suffered a quarterly operating loss in the October-December quarter of 2016, at the peak of a crisis originating from the failure of its U.S. nuclear power unit Westinghouse.
It preserved its annual earnings forecast at 110 billion yen, down 15.7%from the previous year, avoiding a major down modification thanks to its public infrastructure services that are fairly resistant to a global financial depression.
Reporting by Makiko Yamazaki; Editing by Kenneth Maxwell and Muralikumar Anantharaman
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