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Toshiba records 60pc increase in profit

AAP logoAAP 11/11/2016

The Toshiba group has recorded a net profit of 67.5 billion yen ($A831.1 million) between April and September - a 60 per cent rise year-on-year backed by increase in its sales of hard drives and nuclear energy systems.

Toshiba, which is undergoing restructuring and is reeling from a 2015 scandal over a multimillion-dollar manipulation of its accounts, had a gross operating profit of 115.3 billion yen, three times that of the same period in 2015.

Between April and September - the first half of the Japanese fiscal year - Toshiba recorded operating profit of 96.8 billion yen, compared with a deficit of 89.1 billion yen during the same period last year.

But sales turnover fell an interannual 4.3 per cent to 2.58 trillion yen owing to the negative impact of appreciation of the Japanese yen and a drop in its computer sector because of the ongoing structural reforms, Toshiba explained in a statement.

The company is going through restructuring following a systematic manipulation of its accounts during the past seven years, which has invited a huge fine from the Japanese authorities.

Also, shareholders have initiated judicial proceedings against the company and the latter did the same against its former managers.

Following the results, the shares of the company increased more than one per cent in the Tokyo stock exchange during the final trading session.

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