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Toshiba reports third quarter results

February 7, 2024

Toshiba Tec Corporation has recently disclosed its financial results for the third quarter of FY2023, showcasing a mixed performance across its various business segments.

The company reported a notable increase in net sales, achieving ¥396.7 billion ($2.68 billion/ €2.48 billion), which represents a ¥22.2 billion ($149.77 million/ €139.1 million) rise from the previous year. This growth is attributed to the strong performance of its domestic retail and workplace solutions businesses.

However, the overseas retail business experienced a downturn, with decreased sales and profit due to market uncertainties affecting customer investments.

The Workplace Solutions segment of Toshiba Tec has shown significant performance, contributing positively to the company’s overall financial results. Net sales were ¥176.1 billion ($1.19 billion/ €1.1 billion), a ¥17.3 billion ($116.7 million/ €108.4 million) increase year-on-year.

Despite the challenges faced by the overseas segment, Toshiba Tec has maintained its full-year forecast for operating profit and dividends, although it expects the profit attributable to owners of the parent company to break even. This adjustment is primarily due to the reversal of some deferred tax assets related to its U.S. subsidiary among other factors.

In the printer segment, the company announced the transfer of its Inkjet Head business to RISO KAGAKU CORPORATION, signalling a strategic move to optimise its business portfolio and focus on areas with higher growth potential.

The company’s financial outlook remains cautiously optimistic, with plans to secure increased sales in its domestic business and capitalise on major deals in the overseas market. Toshiba Tec also said it is also committed to investing in business model transformation and optimising its investment in growth to ensure sustained profitability and expansion in the coming fiscal year.

Categories : City News

Tags : Business Financials OEM Toshiba Tec

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