FILE PHOTO – The logo of Toshiba Corp is seen behind cherry blossoms at the company’s headquarters in Tokyo, Japan April 11, 2017. REUTERS/Toru Hanai
TOKYO (Reuters) – Toshiba Corp forecast on Friday a 15.7% drop in annual operating profit compared with expectations of a small rise in profit, even as a recent portfolio overhaul helps the industrial conglomerate limit the impact of the coronavirus outbreak.
It forecast profit of 110 billion yen ($1 billion) for the year through March 2021, down from 130.46 billion yen a year earlier.
The outlook compared with the 136.71 billion yen average of 13 analyst estimates compiled by Refinitiv.
Since a crisis stemming from the bankruptcy of the U.S. nuclear power business in 2017, Toshiba has conducted a series of restructuring steps, including the sale of its laptop and television set businesses.
It is now focusing on social infrastructure businesses that are resilient to