Toshiba Tec battles challenges but eyes growth
May 10, 2024
Despite losses, Toshiba Tec restructures operations and forecasts improved profitability in the coming fiscal year.
Toshiba Tec’s FY2023 results, despite some challenges, demonstrated resilience with consolidated net sales reaching ¥548.1 billion ($3.67 billion/ €3.40 billion), driven by robust domestic retail and workplace sales.
Although operating profit decreased to 15.9 billion yen ($106.5 million/ €98.6 million), resulting in a net loss of -¥6.7 billion (€-41.5M / $-44.9M) due to restructuring costs and declining overseas retail business, the company is optimistic about the future. Toshiba Tec forecasts FY2024 net sales at ¥550 billion ($3.69 billion/ €3.41 billion), with an expected increase in operating profit to ¥18 billion ($120.6 million/ €111.6 million).
The printer segment, a core component of the Workplace Solutions business, reported net sales of ¥241.6 billion ($3.67 billion/ €3.41 billion), supported by robust domestic performance. Operating profit in this segment surged to ¥13.6 billion ($120.6 million/ €111.6 million), underlining the potential for further growth.
Strategic moves like the ETRIA Corporation joint venture with Ricoh and the inkjet head business transfer to RISO KAGAKU will underpin Toshiba Tec’s shift toward streamlined, profitable operations. Toshiba Tec aims to deliver sustainable profitability and shareholder value by aligning business segments for global competitiveness.
Categories : City News
Tags : Business Financials OEM Toshiba Tec
