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Toshiba Reports Q1 Profit Growth

7/27/2007 11:46:00 AM Eastern

Tokyo — Toshiba reported a five-fold net profit growth in its first quarter (April-June period), resulting largely from semiconductors and special profits from the sale of real estate and a stake in a Japanese music-content venture to EMI Group.

Net income rose to $174 million (20.6 billion yen) in the three months, ended June 30, over the same period in 2006. Toshiba reported a $105.8 million (12.7 billion yen) gain from selling its 45 percent stake in Toshiba-EMI to EMI Group.

The company reported a 1.6 percent rise in quarterly operating profit on its chips and laptops, driven by stronger demand for its semiconductors, including Cell chips used in Sony’s PlayStation3, and chips used in LCD televisions, including those produced by Sharp and Hitachi.

Sales rose 15 percent to $13.3 billion (1.66 trillion yen), Toshiba said. Operating profit rose 1.6 percent to $176.6 million (21.2 billion yen) in the quarter.

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