Toshiba has dropped its forecasts for the current financial year due to the Thailand flooding, Eurozone debt problems and appreciation of the yen.
The previous revenue forecast of $91bn has dropped to $81bn compared to $83bn in the last financial year to March 31 2011.
The operating income forecast has been dropped to $2.6bn from the previous forecast of $3.9bn. In the last FY operating income was $3.1bn.
‘The businesses of Toshiba Group have been influenced greatly by changes in the business environment, including the progress of sharp yen appreciation, the impact of the flooding in Thailand and deterioration in markets due to financial uncertainty in some European countries,’ says Toshiba, ‘the main impacts are expected to be felt in the visual products business, which includes LCD TVs, and the semiconductor business.’
In the first nine months of its FY to march 31st Toshiba had net sales of $56bn for an operating income of $1.2bn and a net profit of $41bm.
‘While the economies of the emerging countries, represented by China and India, continued to expand, the worldwide economic recovery was held back by continuing high unemployment in the United States and the deteriorating financial position of some European countries; the Japanese economy also remained in severe circumstances,’ said Toshiba.