You are here

Toshiba to book US$800m in April-June on sale of white goods business

Wednesday, March 30, 2016 - 16:09

37794840 - 18_03_2016 - TOSHIBA-ACCOUNTING_.jpg
Toshiba Corp said on Wednesday it would book a pretax profit of 90 billion yen (S$1.08 billion) for its first quarter ending June, on the sale of its while good business to China's Midea Group Co Ltd .

[TOKYO] Toshiba Corp said on Wednesday it would book a pretax profit of 90 billion yen (S$1.08 billion) for its first quarter ending June, on the sale of its while good business to China's Midea Group Co Ltd .

The company said it had agreed with Midea to sell a stake of 80.1 per cent stake in its white goods unit for about 53.7 billion yen.

The profit from the transaction exceeded the deal price since the former reflects the unit's debt that will be removed from Toshiba's balance sheet, the company said.

REUTERS

sentifi.com

Market voices on:

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom