November 13, 2019 / 6:44 AM / a month ago

Toshiba reports Q2 profit jump, announces tender offer for 3 listed units

TOKYO, Nov 13 (Reuters) - Japan’s Toshiba Corp posted a jump in quarterly operating profit and said it will buy out three of its listed subsidiaries as the industrial conglomerate moves on from accounting scandals and a management crisis.

Toshiba reported an operating profit of 44.23 billion yen ($405.41 million) for the second quarter ended September, up from 6.25 billion yen a year prior, as it cut costs and reined in low-margin infrastructure projects.

That compared with a 25.97 billion yen average of 4 analyst estimates compiled by Refinitiv.

Toshiba also said it would launch tender offers for plant engineering firm Toshiba Plant Systems & Services, marine electrical systems maker Nishishiba Electric, chip-making equipment maker NuFlare Technology to convert them into wholly owned units.

$1 = 109.1000 yen Reporting by Makiko Yamazaki; Editing by Christian Schmollinger

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