Toshiba more than doubles profit forecast as Yen drives sales

[TOKYO] Toshiba Corp has raised its forecast for first-half operating profit to 70 billion yen (S$946.9 million) from 30 billion yen previously, crediting growth in storage and electronic devices for a more than doubling of its earnings outlook.

A greater-than-expected yen depreciation drove sales of hard drives, while its memory division benefited from growth in smartphones, the Japanese company said in a statement.

Toshiba now foresees 85 billion yen of net income for the six months ending Sept 30, from 70 billion yen previously.

Toshiba, which makes everything from computers to nuclear power equipment, in August reported its first operating profit in six quarters.

The manufacturer is cutting thousands of jobs, shedding operations and narrowing the scope of its businesses to recover from an accounting scandal that upended the Tokyo-based company and its management.

BLOOMBERG