June 5, 2020 / 4:54 AM / 2 months ago

UPDATE 1-Toshiba forecasts annual profit drop vs rise expected, limited virus impact

(Adds Toshiba comments, background)

TOKYO, June 5 (Reuters) - Toshiba Corp forecast on Friday a 15.7% drop in annual operating profit compared with expectations of a small rise in profit, even as a recent portfolio overhaul helps the industrial conglomerate limit the impact of the coronavirus outbreak.

It forecast profit of 110 billion yen ($1 billion) for the year through March 2021, down from 130.46 billion yen a year earlier.

The outlook compared with the 136.71 billion yen average of 13 analyst estimates compiled by Refinitiv.

Since a crisis stemming from the bankruptcy of the U.S. nuclear power business in 2017, Toshiba has conducted a series of restructuring steps, including the sale of its laptop and television set businesses.

It is now focusing on social infrastructure businesses that are resilient to a global economic slump driven by the coronavirus outbreak.

Strong orders for infrastructure projects and cost cuts will help partly offset a 90 billion yen impact from the outbreak, the company said in an earnings presentation document. ($1=109.2000 yen) (Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman)

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