Toshiba expects annual loss will top previous forecast

Toshiba Corp. on Tuesday forecast a larger-than-expected net loss of $1.96 billion for the fiscal year ending March 31, 2002, compared with a $730 million profit for the previous year. Originally the company had projected a $1.5 billion loss for this fiscal year.

The Japanese electronics firm also predicted sales for the fiscal year at $40.6 billion will be lower than originally estimated, compared with $45 billion for the prior year. Earlier Toshiba had said this fiscal year's sales were expected to total $41.4 billion.

Officials blamed the poorer showing on the global slump in communications and semiconductors, as well as special costs related to its restructuring plan.

The firm also reported third quarter sales of $9.19 billion for the period ending Dec. 31, 2001, down 13% from the similar quarter a year ago. It didn't report net income figures for the quarter.

In a breakdown by business segments, Toshiba said the Information and Communications unit had sales of $1.42 billion, down 10% from the year ago quarter. Social Infrastructure Systems unit had sales of $1.37 billion, down 2%. Electronic Devices and Components unit suffered a 31% sales drop to $1.96 billion.

Digital Media sales declined 2% to $2.8 billion, and power systems sales dropped to $823 million.