Struggling Japanese conglomerate Toshiba is preparing to cut its full-year profit forecast by at least half – due partly to higher expenses in its energy business.
Operating profit in the latest year may range from 20 billion yen to 30 billion yen, far below the 60 billion it projected earlier. Increased costs in sectors like energy are dragging down earnings from core operations.
Late last year Toshiba pulled back from nuclear projects in the UK and bailed from a five-year misadventure in trading of liquefied natural gas. There’s also been a drag on profit from its chips systems business.
