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Red ink splashes Toshiba's balance sheet

But it did well selling washing machines...

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Toshiba has turned in terrible financial results. Its non-consolidated results for the six months from 1 April to 30 September showed that its net sales fell by 12 per cent compared to the equivalent period last year. Turnover amounted to $11,851 million, with its recurring profit becoming a loss of $47 million. Last year it made a profit of $236 million for the same period. All four divisions suffered. The information and communications system division, which makes CD-ROMs, DVD drives and other peripherals, showed a drop in sales of 11 per cent. Sales of its communication systems also fell. The electronics division, which makes DRAM, suffered from "severe price erosion" on 64Mbit parts, said Toshiba. Overall results were down 14 per cent, year on year. Its consumer products division also suffered, although Toshiba said sales of its washing machines were good. ® Click for more stories

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