Toshiba says likely to report first quarter operating loss on coronavirus impact

TOKYO Japanese industrial conglomerate Toshiba Corp said on Wednesday it was likely to report an operating loss for the April-June period, its first negative quarter in nearly four years, as it soaks up the impact of the coronavirus pandemic.

The prediction came after the Nikkei business daily reported that Toshiba likely had a first-quarter operating loss of more than 10 billion yen (72.07 million pounds) as electronic device sales slipped during the virus outbreak.

Toshiba said in a statement the Nikkei report was roughly in line with results it would release later in the day, noting that it flagged in June that operating losses in the April-September half may total 10 billion to 20 billion yen.

Toshiba last suffered a quarterly operating loss in the October-December quarter of 2016, at the peak of a crisis stemming from the failure of its U.S. nuclear power unit Westinghouse.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor