Toshiba Cuts Loss Forecast for Year Just Ended

Toshiba has cut by more than half the amount of money it expects to have lost in the financial year just ended.

The company, which is one of Japan's largest electronics companies, said it expects a net loss of ¥20 billion (US$215 million) for the fiscal year that ended in March. That's down from its previous forecast of ¥50 billion, which was made in May last year and reaffirmed in January.

Sales are expected to come in at ¥6.38 trillion, which is a slight drop from the ¥6.4 trillion that was predicted in January.

Toshiba said the revisions come as a result of the benefits of cost-cutting programs and higher profitability in its digital product, electronic component and home appliance businesses.

The businesses named cover Toshiba's consumer electronics, PC, mobile device, storage device, semiconductor, and LCD panel sectors but the company declined to offer more specific information on which sectors are doing well.

While Toshiba still expects to lose money this year, the losses are far less severe than those seen in the fiscal year from April 2008 to March 2009. Then the company reported a net loss of ¥344 billion.

Toshiba will announce full year results on May 7.