Toshiba posts unexpected Q1 operating loss on raw material costs

TOKYO, Aug 10 (Reuters) – Toshiba posted an unexpected operating loss in the first quarter of its fiscal year on Wednesday, weighed down by a global shortage of electronic chips and rising raw material costs.

The Japanese conglomerate posted an operating loss of 4.8 billion yen (34.8 million euros) for the April-June quarter, against a profit of 14.5 billion yen a year earlier.

This figure is lower than the forecasts of four analysts polled by Refinitiv, who expected a profit of 19.4 billion yen on average.

Rising raw material and logistics costs lowered its operating profit by 9.4 billion yen, while a chip shortage negatively impacted about 3 billion yen, the company said. society.

The group, however, maintained its profit forecast for its fiscal year, which ends in March, at 170 billion yen, an increase of 7% compared to the previous year.

Toshiba, which is exploring strategic options like delisting, could be valued at around $22 billion, sources told Reuters in June.

Tensions between Toshiba and its activist investors came to a head last year when a shareholder-commissioned investigation concluded that management had worked with Japan’s Ministry of Commerce to prevent foreign investors from exercising influence on the board.

This year, shareholders voted against a plan to split the conglomerate into several companies. (Report Makiko Yamazaki; French version Valentine Baldassari, edited by Kate Entringer)