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Toshiba takes $2.3 bln hit from Westinghouse write-down
by Staff Writers
Tokyo (AFP) April 26, 2016

Canon downgrades full-year profit, sales forecasts on China, yen
Tokyo (AFP) April 26, 2016 - Japan's Canon said Tuesday its net profit for the three months to March dropped 17.5 percent as it downgraded its full-year profit and sales forecasts due to China's economic slowdown and the yen's strength.

The camera and office equipment giant reported a 28.0 billion yen ($253 million) net profit for the first quarter, while operating profit dropped 39.4 percent year-on-year to 40.1 billion yen.

Sales ticked down 7.0 percent to 797.2 billion yen, the company said.

"Harsh conditions for interchangeable-lens digital cameras in Asia remained the same," the company said in a statement.

Canon revised downward its projection for the year to December due to "the prolonged economic slowdown in China and developing countries" and an expected strengthening of the Japanese currency.

A strong yen makes products more expensive in overseas markets and erodes the value of repatriated earnings.

Canon said it now expects a net profit of 200 billion yen for the year, down from its earlier estimate of 230 billion yen, on sales of 3.6 trillion yen, compared with the 3.85 trillion yen projected earlier.

Troubled conglomerate Toshiba announced Tuesday it had booked a $2.3 billion write-down of its US nuclear unit Westinghouse but said the sale of its medical devices business would reduce its forecast net loss for the year ended March.

A once proud pillar of corporate Japan, the company has been besieged by problems, most notably a profit-padding scandal in which bosses for years systematically pushed their subordinates to cover-up weak financial figures.

Toshiba is now expecting a net loss of 470 billion yen ($4.23 billion) for the last financial year.

However, this is much lower than the previous estimate of a 710 billion yen loss, it announced in a statement.

The company has been shedding businesses in a bid to reboot and last month announced it sold its medical devices unit to camera and office equipment maker Canon for 665.5 billion yen.

Toshiba said it booked a write-down of 260 billion yen at Westinghouse after a rise in financing costs, but that revenue from the sale to Canon outweighed that negative impact.

As a result, Toshiba said that its operating loss will expand to 690 billion yen against the previous estimate of 430 billion yen loss.

The conglomerate said sales would shrink to 5.5 trillion yen from its previous estimate of 6.2 trillion yen because of the sale of the medical devices unit as well as a household appliances unit.



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