Toshiba Tec sales and profits down
November 9, 2020
The company has released its FY2020 first half year consolidated business results, recording a year-on-year decline in net sales and profits.
Although sales and profits were down in the first half of FY2020, Toshiba said that “in the harsh business environment caused by COVID-19, business performance improved significantly in the second quarter of FY2020 compared to the first quarter.”
Net sales for FY2020/1H were ¥191.7 billion ($1.85 billion/ €1.56 billion), a decrease of ¥58.2 billion ($561 million/ €472 million) compared to the same period of the previous year. Operating profit was down ¥11.1 billion ($107 million/ €90 million), at -¥0.9 billion (-$8.7 million/ €7.3 million).
The printing solutions business group segment recorded net sales of ¥65.5 billion ($632 million/ €532 million), a year-on-year decrease of ¥28.6 billion ($276 million/ €232 million), mainly due to a significant drop in sales in the Americas, but also decreases in sales in Europe and China.
In its announcement Toshiba Tec said that as part of its structural reform, the company progressed with staff cuts of approximately 700 by the end of September 2020, looked at cost reductions and continues to look at its overseas business activities. Specifically for the printing business it is looking at a business restructuration that will “consider all strategic options, including alliances with external companies”.
Categories : City News
Tags : Business Financials OEM Printing Toshiba
