 "Toshiba")
TOKYO (Reuters) - Japan's Toshiba Corp on Wednesday reported a 64% drop in quarterly operating profit as the industrial conglomerate struggled with the impact of the COVID-19 pandemic.
Operating profit for the second quarter ended September came to 15.75 billion yen ($149.84 million), down from 44.23 billion yen in the same period a year prior.
That compared with a 23.30 billion yen average of five analyst estimates compiled by Refinitiv.
Toshiba maintained its profit forecast for the year ending March at 110 billion yen, down 15.7% from a year earlier.
The outlook compared with a consensus estimate of 131.03 billion yen from 12 analysts.
A new midterm business plan released on Wednesday targets operating profit of 400 billion yen in the year through March 2026, with the ratio of profit to sales at 10%, by expanding businesses related to renewable energy, medicine and quantum cryptography.
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Those targets, however, are roughly the same numbers the company had set for the year through March 2024 in the previous business plan.
($1 = 105.0800 yen)
(Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman and Christopher Cushing)
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