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Tokyo (pte038/25.04.2003/14:04) - Japanese electronics group Toshiba http://www.toshiba.co.jp returned to profits in the fiscal year 2002.
As announced today, the company earned net profits of 18.5bn yen (139m euros), compared to the loss of over 254bn yen (1.9bn euros) reported the year before. The operating result was also positive at 116bn yen (875m euros).
Stockholders can now look forward to dividends of three yen (about two cents) per share, while group turnover improved by five per cent to 5.66 trillion yen (42.7bn euros).
Toshiba attributes the upswing to an increased demand for semiconductors and notebooks, as well as sweeping restructuring measures. The company has shut down unprofitable business areas and entered alliances with former competitors, including an LCD partnership with Matsushita Industrial Electric.
Toshiba has also withdrawn from the market for low-end storage chips and entered a partnership with Fujitsu with the aim to produce more profitable, highly developed chips for mobile devices, lower costs and share technological developments.
In the past two years Toshiba also undertook severe job cuts, releasing ten per cent of its workforce since 2001.
The Japanese group has set ambitious goals for the current year, targeting an operating result of 170bn yen (1.3bn euros), a net profit of 40bn yen (302m euros) and turnover of 5.7 trillion yen (43bn euros).
Analysts are less optimistic, predicting an operative result somewhere between 110bn yen (829m euros) and 160bn yen (1.2bn euros), as reported in the Wall Street Journal.
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