Toshiba Narrows Losses In First Quarter

The world's fifth-largest chipmaker said it lost 7.78 billion yen ($69.46 million) in the April-June period versus a loss of 36.85 billion yen a year earlier.

The Tokyo-based company said group sales rose 12 percent to 1.248 trillion yen ($11.14 billion) from 1.117 trillion yen a year ago.

Toshiba credited brisk demand for its semiconductor products. It also cited an improvement in its struggling PC business thanks to increased sales in the United States and Europe.

On an operating basis, Toshiba returned to the black, posting a group profit of 14.14 billion yen ($126.25 million) in the quarter, reversing a loss of 41.31 billion yen a year earlier.

Toshiba raised its forecast for the fiscal half through September, predicting a group net loss of 5.0 billion ($44.64 million) and sales of 2.80 trillion yen ($25 billion). Previously, it had forecast a net loss of 30 billion yen ($267.86 million) on sales of 2.66 trillion yen ($2.38 billion).

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