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Toshiba swings to profit in fiscal 2017

Toshiba Corp. swung to profit for the first time in four years, posting net income of ¥804.01 billion in fiscal 2017 from a loss of ¥965.66 billion in the previous year, driven in part by sales of claims related to its U.S. subsidiary Westinghouse Electric Co.

Basic earnings for the year that ended March 31 stood at ¥162.89 per share from a loss of ¥228.08 per share in the same period last year.

Net sales were down to ¥3.948 trillion for the year from ¥4.044 trillion in the previous year.

Income from discontinued operations stood at ¥696.07 billion from a loss of ¥1.147 trillion. Toshiba said the gain included the surplus from the sales of Westinghouse-related claims to third parties and a significant tax reduction.

Toshiba said it expects net income for fiscal 2018 to come in at ¥1.070 trillion.

As of May 14, US$1 was equivalent to ¥109.61