Toshiba Hurting From 'Business Environment Changes'

Toshiba’s operations "have been influenced greatly by changes in the business environment," so the company downgraded its sales and profit forecasts for the year ending March 31. It cited the significantly stronger yen, the impact of the floods in Thailand and "deterioration in markets due to financial uncertainty in some European countries" as factors weighing in the decision. Toshiba now thinks it will post sales of 6.2 billion yen for the year, an 800-million-yen cut from its May 9 forecasts. Its operating income forecast was downgraded by 100 million yen to 200 million yen. For Q3 ended Dec. 31, Toshiba sales fell 9 percent to $18.48 billion ($1 = 78 yen, the rate in effect at the end of the quarter), while its operating profit ... Log in to view full article.

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