May 15, 2018 / 2:57 AM / a year ago

Toshiba sees 33 pct increase in annual profit on memory chip unit sale

TOKYO, May 15 (Reuters) - Japan’s Toshiba Corp said it expects net income to jump 33 percent this financial year thanks to profits from the planned $18 billion sale of its memory chip unit.

Net profit for the struggling conglomerate is likely to grow to 1.07 trillion yen ($9.75 billion) from 804 billion yen, marking a second consecutive year of profit after years of financial crisis due to accounting scandals and cost-overruns at its U.S. nuclear unit Westinghouse.

Toshiba last year agreed to sell its chip unit to a consortium led by Bain Capital and South Korea’s SK Hynix Inc , but sources have said if the deal is not approved by Chinese regulators this month it may seek to drop the sale in favour of other options.

Toshiba said in a statement on Tuesday it was still planning to sell the unit. ($1 = 109.7400 yen) (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)

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