Toshiba net profit up on chip business sale

TOKYO: Struggling Japanese engineering firm Toshiba on Monday reported improved full-year net profit thanks to the sale of its chip business, but said operating profit was sharply down.

But the firm said its operating profit dropped 58.9 per cent to 35.4 billion yen, partly due to restructuring costs, on sales of 3.69 trillion yen, down 6.4 per cent. It did not provide net profit forecast, saying it did not have sufficient information on the chip business - which remains an affiliate.The Tokyo-based company used to sell everything from rice cookers to nuclear plants and has long been a household name.

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