© Reuters. FILE PHOTO: The logo of Toshiba Corp. is displayed atop of the company’s facility building in Kawasaki, Japan June 24, 2022. REUTERS/Issei Kato/File Photo
TOKYO (Reuters) – Japan’s Toshiba (OTC:) Corp on Tuesday reported an 87.5% drop in third-quarter operating profit and cut its full-year earnings estimate for a second time.
The weak performance comes at a time when the beleaguered industrial conglomerate is assessing a buyout proposal from a consortium led by private equity firm Japan Industrial Partners (JIP).
It posted an operating profit of 5.3 billion yen ($40.4 million) for the October-December quarter, far less than a consensus estimate of 36.95 billion yen from four analysts polled by Refinitiv.
Toshiba lowered its operating profit forecast for the year ending in March to 95 billion yen from 125 billion yen.
($1 = 131.8800 yen)
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