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Toshiba expects $3.5 bln annual loss

17 April 2009 09:27 (UTC +04:00)

Baku-APA-Economics. Japanese high-tech giant Toshiba Corp. has announced it expects a net loss of 350 billion yen (3.5 billion dollars) for the financial year that ended last month, even more than previously forecast.
In January the electronics and engineering giant had predicted a net loss of 280 billion yen, blaming weak demand due to the economic downturn and a stronger yen, which is bad for exports.
But the company now expects a smaller operating loss of 250 billion yen, against 280 billion yen projected earlier.
Toshiba, a leading manufacturer of NAND flash memory chips that are used in iPods and other digital music players, has been hit hard by the global economic downturn, which has depressed demand for electronic gadgets.
The company is cutting 4,500 jobs and slashing investment. Last month it named a new president -- the latest in a series of Japanese boardroom shake-ups prompted by a deepening economic downturn. Source: AFP