Toshiba Tec profits surge despite yen

Japanese firm sees sales growth but workplace solutions profits hit by weak currency.

Toshiba Tec has reported a sharp rebound in profitability, with net sales rising to ¥425.5 billion ($2.87 billion/ €2.64 billion) for the first nine months of FY2024, an increase of ¥28.8 billion year-on-year. Operating profit climbed to ¥11.8 billion ($80 million/ €73 million), up ¥2.3 billion, while net profit surged to ¥27.2 billion ($184 million/ €169 million), reversing last year’s ¥14.7 billion loss.

The workplace solutions business, which includes printers and office equipment, saw its operating profit decline to ¥8.4 billion ($57 million/ €52 million), down ¥1.4 billion year-on-year. Toshiba Tec attributed this to rising personnel and R&D costs, as well as the impact of foreign exchange movements.

Third-quarter workplace solutions revenue dropped compared with the same period last year, as customers had front-loaded orders in the first half of 2024. Meanwhile, overseas business conditions remained challenging, particularly in Europe and the US.

Despite these pressures, the company reaffirmed its full-year forecast, projecting net sales of ¥572 billion ($3.86 billion/ €3.54 billion) and operating profit of ¥18 billion ($122 million/ €112 million). It continues to expand cloud-based print management services and RFID-integrated office solutions, targeting higher-margin business areas.