Japanese electronics company Toshiba has said it’s swung to a profit in its April-June quarter. The earnings report came as the firm kept trying to turn the page on an embarrassing accounting scam.
Toshiba said Friday costs cuts and the sale of its home appliances business had enabled it to book a net profit of $780 million (699 million euros) in the quarter to the end of June, reversing a huge loss in the same period a year earlier.
Once a proud pillar of corporate Japan, Toshiba has been besieged by problems, most notably a profit-padding scandal in which executives for years systematically pushed subordinates to cover up weak financial results.
Best known for its TV sets and other electronic devices, the company’s vast business was dented by the 2008 global financial crisis, while the 2011 Fukushima disaster impacted demand for nuclear power at home in a big blow to Toshiba’s key atomic division.