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Japan's struggling Toshiba logs $436 mn loss in first half

AFP  |  Tokyo 

Troubled Japanese conglomerate said today it logged a net loss of $436 million for the fiscal first half, as it moves to complete a multi-billion-dollar sale of its chip business to restore its balance sheet.

The Tokyo-based firm said the loss was mainly due to the impact associated with the deal to sell the chip unit to a consortium led by Bain Capital.

The announcement came after the company said last month it was able to account for expenses associated with the chip unit sale, but not the massive proceeds from it.

The result of this is that is projecting an annual net loss of 110 billion yen.

But the company has previously said the sale of the prized business should eventually boost the firm's before- consolidated by about 1.08 trillion yen.

is also projecting annual sales worth 4.97 trillion yen.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 09 2017. 11:42 IST