TOKYO (Reuters) - Japan’s Toshiba Corp said it expects to book its first net profit in four years, as it makes progress to recover from billions of dollars in losses at its U.S. nuclear unit Westinghouse.
The struggling industrial conglomerate forecast net profit of 520 billion yen (£3.49 billion) for the year ending March, up from a prior forecast of a 110 billion yen loss.
The revised estimate comes on the back of a sale of Toshiba’s claims against now-bankrupt Westinghouse Electric Co LLC to a group of hedge funds, a deal that also affords the Japanese firm tax benefits.
The new forecast compares with a consensus estimate of a 187.84 billion yen profit from eight analysts polled by Thomson Reuters I/B/E/S.
Reporting by Makiko Yamazaki: Editing by Neil Fullick