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Toshiba reiterates annual profit outlook; LNG risk remains

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Toshiba reiterates annual profit outlook; LNG risk remains
FILE PHOTO: The logo of Toshiba Corp is seen at its headquarters in Tokyo, Japan January 23, 2017. REUTERS/Toru Hanai   -   Copyright  Toru Hanai(Reuters)
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TOKYO (Reuters) – Toshiba Corp reiterated its annual operating profit outlook, predicting a four-fold jump as it reaps the reward of major restructuring last year, even as it works to offload its potentially money-losing U.S. LNG business to maintain momentum.

The Japanese conglomerate forecast profit of 140 billion yen (981 million pounds) for the year through March 2020 on Monday, versus 35.4 billion yen a year earlier. It was in line with the target Toshiba set in its five-year plan.

The outlook compared with the 116.35 billion yen average of 16 analyst estimates compiled by Refinitiv.

Toshiba’s share price shot up after the firm announced the five-year plan in November, but has since lost 15% partly due to concern over the impact of Sino-U.S. trade friction. The stock was down 3.5% at Monday’s midday trading break.

(Reporting by Makiko Yamazaki; Editing by Christopher Cushing and Himani Sarkar)

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