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Toshiba's Q1 earnings soar YOY on memory unit sale; operating profit drops

Toshiba Corp. reported net income attributable to shareholders of ¥1.017 trillion in the three months ended June 30, up from ¥50.33 billion in the year-ago period, on the back of the company's sale of its memory chip business.

Basic EPS reached ¥156.02 during the fiscal first quarter, up from ¥11.89 in the same period a year ago.

The Japanese industrial conglomerate posted net sales of ¥842.28 billion in the quarter, down from ¥908.40 billion in the previous year. Infrastructure systems and solutions contributed ¥270.18 billion in net sales, while storage and electronic devices solutions brought in ¥217.71 billion.

Segment operating income for the quarter fell to about ¥730 million from ¥13.23 billion in the year-ago period, reflecting an impact of ¥14.0 billion from ending emergency measures including bonus reductions, the company said.

Toshiba confirmed its outlook for the full fiscal year and expects to record net income of ¥1.070 trillion.

As of Aug. 7, US$1 was equivalent to ¥111.19.