Toshiba net profit jumps after memory unit sale

Jiji Press TOKYO (Jiji Press) — Toshiba Corp. said Wednesday its group net profit in April-June shot up about 20-fold from a year earlier to ¥1,016.7 billion.

The profit jump came as the Japanese electronics giant logged a windfall profit of ¥965.5 billion from the sale of its Toshiba Memory Corp. unit to a consortium led by U.S. private equity fund Bain Capital on June 1.

The sharp recovery in Toshiba’s bottom line led to an improvement in its shareholders’ equity ratio, from 17.6 percent at the end of March to 37.9 percent at the end of July.

Meanwhile, the firm’s group operating profit plummeted 94.5 percent to ¥730 million on 7.3 percent weaker sales of ¥842.2 billion, indicating that Toshiba faces the challenge of boosting earnings after the sale of the lucrative unit.Speech

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