The new executive director of the Japanese industrial giant Toshiba, Nobuaki Kurumatani, on May 15, 2018 in Tokyo
The Japanese industrial giant Toshiba announced on Tuesday recorded a record net profit of 804,000 million yen (6,000 million euros) in the financial year 2017/2018, having lost 965,000 million a year earlier, driven by exceptional profits.
The Japanese industrial giant, which had not registered profits since 2013/2014, managed to sell the US nuclear equipment group Westinghouse, and took advantage of tax expenses reductions.
The good health of the affiliated company of memory cards, Toshiba Memory, also contributed to the net profit, but Toshiba already signed his sale and will get rid of it soon if the authorities of the competition do not oppose. China has not yet agreed.
In the past, the activity of memory cards was the jewel in the crown of the group, with solid sales and comfortable operating margins. But, since it requires massive investments, Toshiba was forced to transform it into a separate company with the aim of selling it and thus straighten its finances, in poor condition after a case of accounting falsification.
Toshiba hoped to have closed the assignment for March 31, but failed. On the other hand, by getting Westinghouse sold, Toshiba left the insolvency situation in which it was found and will prevent its action from being eliminated from the Tokyo stock exchange.
However, at the operational level, Toshiba is not in its best shape, as its business volume has fallen below 4 trillion yen, roughly half of what it was in the best years before the financial crisis. 2008/2009