Semiconductor maker Toshiba announced Tuesday that its operating profit for the third quarter of fiscal 2022 (October-December 2022) fell 87.5 percent to 5.3 billion yen (currently about RMB 273 million), well below the 36.95 billion yen widely expected by four analysts surveyed by Refinitiv, according to foreign media reports.
The company lowered its operating profit forecast to 95 billion yen (currently about RMB 4.892 billion) for the full-year fiscal 2022 ending in March, down from 125 billion yen (currently about RMB 6.438 billion).
The company said its chief operating officer, Goro Yanase, resigned due to improper use of entertainment expenses several years ago. The statement on his resignation did not mention who will replace him.
Toshiba, founded in July 1875, is Japan’s largest semiconductor maker and the second-largest integrated motor maker and is part of the Mitsui Group, whose businesses include digital products, electronic components, social infrastructure equipment and home appliances.
Toshiba is evaluating a takeover offer from a consortium led by Japanese private equity firm Japan Industrial Partners (JIP) amid weak results.
JIP is said to have invited Chubu Electric Power Co. (Nippon Life Insurance Co.), Toray Industries and Central Japan Railway Co. among the more than 10 companies that have joined the consortium. The consortium submitted a formal proposal for the acquisition last week.
