Toshiba leads parade of Japanese companies with strong quarters
You certainly don’t need to feel sorry for Toshiba. Their fourth quarter results are almost ridiculous. Quarterly profits for the company were $186.5 million, which sounds modest until you consider that is 13 times higher than the same quarter last year. Sales were up 16% to $16.5 billion. They expect an annual profit of $553.5 million for the fiscal year that ends in March, which is well ahead of earlier predictions of $468 million. That success has come at the same time as other Japanese chip makers have struggled. That success is largely due to NAND flash memory. Toshiba is the second biggest manufacturer of NAND in the world after Samsung.
These results are indicative of a wider trend of recovering results in the Japanese electronics sector. Fujitsu, for example, showed a quarterly profit of $28.1 million, which is a marked improvement over the loss of more than $80 million in the same quarter last year. Sanyo showed a $53 million profit as compared to a previous loss of more than $150 million. Sony saw their profits increase by 17.5%. One of the few Japanese companies that didn’t share in the fun was NEC. Their profits were down by 47% in the quarter.