Toshiba (T: 6502) Corp said on Friday that a large-scale restructuring helped the company to record a positive operating profit for the first time in six quarters. This news shows the restoration of the company after the scandal with the financial statements, which cost $ 1.3 billion.
Japanese conglomerate's profit was 20.1 billion yen ($ 197 million) in the period from April to June against a loss of 6.5 billion yen a year earlier. Analysts polled by Starmine SmartEstimate expected a profit of 33.5 billion yen.
Toshiba has confirmed the forecast for the fiscal year ending in March, expecting a profit of 120 billion yen, while the previous year reported a loss of 708.74 billion yen.
The scandal with the financial statements in 2015 forced Toshiba to cut 14 000 jobs, reduce the division of semiconductors and sell units of household appliances and medical equipment.
As for the Japanese stock market as a whole, it closed Friday trading higher due to strengthening of the shipbuilding, electricity, and the fishing industry sectors.
At the close on the Tokyo Stock Exchange, Nikkei 225 rose 1.10%, reaching a monthly high.
The leaders of growth among Nikkei 225 index components were the shares of Sharp Corp. (T: 6753), which went up by 17.0 p (18.99%), to 106.5. The worst performer were the shares Haseko Corp (T: 1808), the price of which has fallen by 61.5 p (5.57%), ending the session at around 1042.5.
On the Tokyo Stock Exchange, the number of advancing securities (1309) exceeded the number closed in the red (643), and the quotes of 105 shares remained virtually unchanged.
Meanwhile, USD/JPY pair rose 0.07% to 102.03, and EUR/JPY rose 0.10%, reaching 113.66.
The USD index dropped by 0.02% to 95.88.