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Toshiba Posts Revised Financial Forecast

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Toshiba is apparently planning to cut some 3,900 jobs after revising January's 2008 financial forecast of a ¥280 billion loss to ¥350 billion. That's down from a 125 billion profit in the 2007 financial year.
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It's not all doom and gloom, though. While the figured for net income are down, Toshiba's operating income forecast was revised up by ¥50 billion, thanks to "improved profitability in the TV business and increased sales of System LSI and Memory Devices." The overall larger forecast loss results from ¥150 billion less sales overall, hardly surprising in a recession.

A large part of that loss is accounted for by an ¥85 billion drawdown in deferred tax assets - whatever that means. Still, if Toshiba's plans, as announced in January, to cut operating expenses by around ¥300 billion for this financial year succeed, combined with the expectation of better results across the board, then Toshiba may well be on track for a better 2009.

Link:
Toshiba Investor Relations.
Via NY Times.

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