Toshiba plunges into red in first quarter

0 Comments | AFP, July, 2008

TOKYO (AFP) — Japan's Toshiba Corp. said Tuesday it plunged to a net loss of 11.6 billion yen (108 million dollars) in the fiscal first quarter on problems at its semiconductor operations and a stronger yen.

The figure is a significant reversal from a net profit of 20.6 billion yen made during the April-June quarter last year.

Toshiba's operating loss reached 24.2 billion yen, compared with a profit of 21.2 billion yen a year ago.

Revenue slipped to 1.62 trillion yen from 1.66 trillion yen a year ago.

Sales mainly fell on a "sharp yen appreciation against the dollar and steep declines in semiconductor sales prices," the company said.

Toshiba, however, kept its annual forecasts for a net profit of 130 billion yen, operating profit of 290...