August 8, 2018 / 2:52 AM / 8 days ago

Toshiba posts record quarterly profit on chip unit sale, beats estimates

TOKYO, Aug 8 (Reuters) - Japan’s Toshiba Corp reported a record quarterly net profit on Wednesday, thanks to the $18 billion sale of its flash memory chip business earlier this year to a consortium led by U.S. private equity firm Bain Capital.

Toshiba said it posted a net profit of 1.02 trillion yen ($9.16 billion) for the April-June quarter, up from 50.33 billion yen a year before, as it booked 970 billion yen in gains from the deal to sell the world’s No. 2 producer of NAND chips.

That was above a consensus estimate of 570.29 billion yen from four analysts surveyed by Thomson Reuters I/B/E/S.

Toshiba maintained its profit forecast for the year ending March at 1.07 trillion yen, versus a consensus estimate of 1.11 trillion yen from 12 analysts. ($1 = 111.3500 yen) (Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman)

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