Toshiba reports a net loss of 52 billion yen before stock delisting in Japan

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Toshiba

Japan’s Toshiba Corporation reported on Tuesday a net loss of 52.14 billion yen (344 million U.S. dollars) for the six months ended September, marking its last earnings announcement before its stock delisting scheduled for next month.

The figure for the first half of fiscal 2023 is a reversal from a net profit of 100.66 billion yen Toshiba logged a year earlier, as the Japanese conglomerate posted a loss of about 100 billion yen linked to its 40 percent stake in its chip affiliate Kioxia Holdings Corp.

Sales in the reporting period fell 6.1 percent from a year before to 1.50 trillion yen, partly due to the shrinking market for hard disk drives and falling demand for semiconductors.

Toshiba announced last month that it will be delisted from the Tokyo Stock Exchange on Dec. 20, ending its 74-year-long history as a public company, as it seeks to rebuild itself following a takeover bid. (1 U.S. dollar equals 150.89 Japanese yen)

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