Toshiba to seek ?3.3bn from shareholders and lenders

Move comes after heavy losses due to falling consumer demand hits its components business
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Toshiba is to seek £3.3bn from shareholders and lenders, according to The Times, after demand for its products slumped, resulting in heavy losses.

Sales at the vendor fell by 13 per cent to ¥6.6tn (£45bn) as the recession bit into demand for its key product categories. It resulted a net loss of ¥343.6bn (£2.3bn) in the year to the end of March, down from a profit of ¥127.4bn (£863m) the previous year.

Despite it seeing gains Western Europe for its PC division, demand for its components fell 24 per cent during the period, resulting in a ¥323bn (£2.2bn) loss

The company made a series of job cuts in January and April. It has said that it plans to return to profitability by cutting around £2bn in costs. It is thought that a significant chunk of those saving will be sought in its components business.

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