May 13, 2019 / 4:40 AM / 7 days ago

Toshiba reiterates annual profit outlook; LNG risk remains

TOKYO, May 13 (Reuters) - Toshiba Corp reiterated its annual operating profit outlook, predicting a four-fold jump as it reaps the reward of major restructuring last year, even as it works to offload its potentially money-losing U.S. LNG business to maintain momentum.

The Japanese conglomerate forecast profit of 140 billion yen ($1.28 billion) for the year through March 2020 on Monday, versus 35.4 billion yen a year earlier. It was in line with the target Toshiba set in its five-year plan.

The outlook compared with the 116.35 billion yen average of 16 analyst estimates compiled by Refinitiv.

Toshiba’s share price shot up after the firm announced the five-year plan in November, but has since lost 15% partly due to concern over the impact of Sino-U.S. trade friction. The stock was down 3.5% at Monday’s midday trading break. ($1 = 109.7600 yen)

Reporting by Makiko Yamazaki; Editing by Christopher Cushing and Himani Sarkar

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