Toshiba Revises Operating Income Higher

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Toshiba will report a smaller than expected operating loss for the year to March 31, thanks to improved profitability in the TV business and increased sales of system LSI and memory chips, it said Friday. However, its net loss will be worse than previously expected because of a write-off of deferred tax assets, it said.

With its 2008 fiscal year now over and final preparations being made for its annual earnings report on May 8, the company said sales are likely to be in line with revised targets issued in January this year of ¥6.65 trillion (US$66.8 billion). Last year the company reported sales of ¥7.7 trillion.

It expects to make an operating loss of around ¥250 billion, slightly better than the ¥280 billion it forecast three months ago. Operating income is sales minus the cost of goods sold and administrative costs and excludes exceptional items so can be a better gauge of the state of a company's core operations.

Toshiba now expects to report a net loss of ¥350 billion, worse than the net loss of ¥280 billion it had previously forecast. It blamed the increased loss on a write-off of deferred tax assets.

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