Japan's Toshiba full-year net profit down 46.5%May 8, 2012 - 18:34 AMT PanARMENIAN.Net - Japan's Toshiba said Tuesday, May 8 its full-year net profit dropped by almost half to $921 million on a strong yen, weak digital product sales, and last year's natural disasters in Japan and Thailand, AFP reported. Toshiba said net profit was 73.7 billion yen in the fiscal year to March, down 46.5 percent from 137.8 billion yen a year earlier. However, it predicted that net profit would bounce back in the current fiscal year. Operating profit for the latest period fell 14.0 percent to 206.6 billion yen on sales of 6.1 trillion yen, down 4.7 percent, it said. The company booked gains on strong sales of electric devices and social infrastructure products, such as street lights, said Toshiba, whose operations range from consumer electronics to nuclear power plants. But the firm's overall profit fell "due to a fluctuation in the foreign exchange and the impact of the earthquake disaster and floods in Thailand as well as the deterioration of digital products," it said. Toshiba's earnings have improved since last fiscal year when it booked a profit for the first time in three business years. But it slashed its full-year net profit forecast in January by more than half, blaming the yen's strength and losses in its television business. Japanese firms were also pounded by last year's quake-tsunami disaster as well as flooding in Thailand, which disrupted operations for firms with plants in the Southeast Asian nation. Electronics manufacturers worldwide are struggling to profit from making TVs amid fierce price competition in the overcrowded, low-margin market. Toshiba forecast a sales and profit rise for the current fiscal year to March 2013, projecting group net profit at 135.0 billion yen and operating profit at 300.0 billion yen on sales of 6.4 trillion yen. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |