Toshiba 2010/11 net likely to beat forecast - Nikkei

Reuters News
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Posted: Apr 18, 2011 8:57 PM
Toshiba 2010/11 net likely to beat forecast - Nikkei

TOKYO (Reuters) - Toshiba Corp is likely to post a forecast-beating 130 billion yen ($1.6 billion ) net profit for the 2010/11 business year that ended on March 31, boosted by robust sales of flash memory chips for smartphones and tablet PCs, the Nikkei business daily reported.

Toshiba has estimated a 100 billion yen profit for the latest business year, while a poll of 19 analysts by Thomson Reuters I/B/E/S on average estimated a profit of 96.75 billion yen.

Toshiba spokesman Keisuke Ohmori said the company had not changed its forecast issued in January but will make an announcement if a revision is required.

Toshiba Chief Executive Norio Sasaki said earlier this month that net profit could exceed previous guidance.

The latest business year will mark Toshiba's first year in the black on a net basis in three years. It posted a 19.7 billion yen net loss in the previous year.

Sales were probably 6.4 trillion yen in 2010/11, up slightly from the prior year but below Toshiba's forecast of 6.6 trillion yen, due to damage at its factory in Iwate prefecture from the March 11 earthquake, the Nikkei said.

(Reporting by Junko Fujita; Editing by Edmund Klamann)