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Toshiba says likely to report first quarter operating loss on COVID-19 impact

Toshiba says likely to report first quarter operating loss on COVID-19 impact

FILE PHOTO: A logo of Toshiba Corp in Tokyo, Japan, January 19, 2017. REUTERS/Toru Hanai

TOKYO: Japanese industrial conglomerate Toshiba Corp said on Wednesday (Aug 12) it was likely to report an operating loss for the April-June period, its first negative quarter in nearly four years, as it soaks up the impact of the COVID-19 pandemic.

The prediction came after the Nikkei business daily reported that Toshiba likely had a first-quarter operating loss of more than 10 billion yen (72.07 million pounds) as electronic device sales slipped during the virus outbreak.

Toshiba said in a statement the Nikkei report was roughly in line with results it would release later in the day, noting that it flagged in June that operating losses in the April-September half may total 10 billion to 20 billion yen.

Toshiba last suffered a quarterly operating loss in the October-December quarter of 2016, at the peak of a crisis stemming from the failure of its US nuclear power unit Westinghouse.

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Source: Reuters

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