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TOKYO (AFP) – Toshiba on Friday announced a return to an annual net profit and stressed it would consider “credible” buyout offers, after a proposal from a private equity fund stirred turmoil within the storied Japanese firm. The conglomerate – once a shining symbol of Japan’s advanced technology and economic power – has been rocked […]
Toshiba on Friday announced a return to an annual net profit and stressed it would consider “credible” buyout offers, after a proposal from a private equity fund stirred turmoil within the storied Japanese firm.
The conglomerate – once a shining symbol of Japan’s advanced technology and economic power – has been rocked by turbulence, facing scandals and losses before staging a recovery. It rejoined the prestigious first section of the Tokyo Stock Exchange in January after sweeping restructuring, and on Friday logged a net profit of 114.0 billion yen (€0.83 billion) for 2020-21, beating its target.
“In Japan, though the pandemic has suppressed consumer spending, capital investment has been improving and exports have increased,” the firm said. In 2019-20 it had reported a net loss of 114.6 billion yen, still an improvement from the painful lows seen in recent years.