Tokyo, Japan-based Toshiba Corporation announced that its consolidated results for the third quarter (October to December) of fiscal year 2003 were 1,324.7 billion yen (approx. U.S. $12,380 million), an increase of 10.3 billion yen from the same period of the previous year.
Results for the year-earlier period included sales of approximately 50 billion yen from businesses that are no longer consolidated, including the cathode-ray tube (CRT) and industrial electric and automation systems businesses that were transferred to joint ventures. If those businesses were included in the consolidation, net sales would show an increase of approximately 5 percent.
Consolidated operating income increased by 11.6 billion yen from the year earlier period to 14 billion yen (approx. U.S. $131 million).
While Digital Products and Home Appliances saw operating income decline from the same period of the previous year, Electronic Devices achieved significantly improved operating income, on the strength of its semiconductor business and the return to profitability of the LCD business. Social Infrastructure also improved operating income (loss). Income before income taxes, minority interest and equity in earnings of affiliates improved by 26.2 billion yen from the year-earlier period to 9.4 billion yen (U.S. $88 million).
Net income (loss) declined from the same period of the previous year to minus 9.2 billion yen (minus U.S. $86 million). This result reflects an increase in income tax from a year earlier.
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