Toshiba says likely to report first-quarter operating loss on coronavirus impact

FILE PHOTO: Logo of Toshiba Corp is seen as Window cleaners work on the company's headquarters in Tokyo
FILE PHOTO: The logo of Toshiba Corp is seen as window cleaners work on the company's headquarters in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai

August 12, 2020

TOKYO (Reuters) – Japanese industrial conglomerate Toshiba Corp said on Wednesday it was likely to report an operating loss for the April-June period, its first negative quarter in nearly four years, as it soaks up the impact of the coronavirus pandemic.

The prediction came after the Nikkei business daily reported that Toshiba likely had a first-quarter operating loss of more than 10 billion yen ($94 million) as electronic device sales slipped during the virus outbreak.

Toshiba said in a statement the Nikkei report was roughly in line with results it would release later in the day, noting that it flagged in June that operating losses in the April-September half may 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 stemming from the failure of its U.S. nuclear power unit Westinghouse.

(Reporting by Makiko Yamazaki; Editing by Kenneth Maxwell)