Shulou(Shulou.com)11/24 Report--

On February 15, according to foreign media reports, semiconductor manufacturer Toshiba announced on Tuesday that its operating profit in the third quarter of fiscal 2022 (October-December 2022) fell 87.5 percent to 5.3 billion yen (currently about 273 million yuan), well below the 36.95 billion yen widely expected by four analysts surveyed by Refinitiv.

The company cut its operating profit forecast for the 2022 fiscal year ending in March to 95 billion yen (currently about 4.892 billion yuan) from 125 billion yen (currently about 6.438 billion yuan).

The company said its chief operating officer, Goro Yanase, resigned because of improper use of entertainment expenses a few years ago. The statement about his resignation made no mention of who would succeed him.

Founded in July 1875, Toshiba is Japan's largest semiconductor manufacturer and the second largest integrated motor manufacturer, part of Mitsui Group, whose businesses include digital products, electronic components, social infrastructure equipment, home appliances and so on.

The weak results come as Toshiba is reviewing a takeover offer from a consortium led by Japanese private equity firm Japan Industrial Partners, or JIP.

It is reported that JIP has invited more than 10 companies, including Central Electric Power Company (Chubu Electric Power Co.), financial services giant Orix Corp., Japan Life Insurance Company (Nippon Life Insurance Co.), Japan Toray Co., Ltd. (Toray Industiries) and Donghai passenger Railway (Central Japan Railway Co.), to join its consortium. The consortium submitted a formal acquisition proposal last week.

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