TOKYO (dpa-AFX) - Japanese conglomerate Toshiba Corp. reported Wednesday a profit in its second quarter, compared to last year's loss, even as sales declined from last year. Looking ahead, for fiscal 2020, the company projects weak operating income and sales, while it maintained fiscal 2021 targets in the Toshiba Next Plan as steady profit improvement has been achieved despite Covid-19. The company also sees improved results by fiscal 2025.
Further, Toshiba announced suspension of new orders for coal-fired thermal power plant construction work.
For fiscal 2020, Toshiba projects operating income of 110 billion yen, lower than last year's 130.5 billion yen. Core operating income would be 220 billion yen, up from 161.6 billion yen a year ago. EBITDA is expected to be 195 billion yen, down from 210.1 billion yen last year. Further, net sales would be 3.1 trillion yen, down from 3.4 trillion yen a year ago.
For fiscal 2021, the company still projects core operating income of 260 billion yen and 280 billion yen.
For fiscal 2025, the company forecasts operating income of 400 billion yen, EBITDA of 530 billion yen and net sales of 4 trillion yen.
Separately, Toshiba announced that its board of directors has provisionally decided to pay a year-end dividend of 30 yen per share to shareholders of record as of March 31, 2021. The dividend for the year would be 40 yen, a 20 yen per share increase.
For the second quarter, net income attributable to shareholders of the company was 14.84 billion yen or $140 million, compared to net loss of 4.92 billion yen in the year-ago period. Earnings per share was 7.70 yen, versus loss per share of 283.95 yen last year.
Operating profit for the second quarter was 15.75 billion yen or $149.84 million, down from 44.23 billion yen a year ago.
Income before income taxes and noncontrolling interests for the period was 23.68 billion yen or $223.41 million, 35 percent higher than last year's 17.54 billion yen.
Sales and other income for the period decreased to 771.56 billion yen or $7.28 billion from 898.24 billion yen in the prior year. Sales declined in all regions and business divisions.
In Japan, Toshiba shares traded at 2,751 yen, up 0.77 percent.
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