Toshiba operating profit down

Toshiba operating profit down

Toshiba says China's slowing economy is one of the main reasons for a sharp decline in its operating profit.

Company officials say sales for the fiscal year through March fell 6.4 percent from the previous year. Operating profit tumbled 58.9 percent. Executives say sales of semiconductors used in smartphones and home appliances suffered due to the sluggish Chinese economy.

They say another factor was rising expenses in domestic power distribution and transmission.

Toshiba sold its prized memory-chip unit last June as part of an attempt to restructure itself. The firm on Monday announced a plan to cut about 350 jobs in a semiconductor subsidiary.
Toshiba plans to increase the number of external directors on its 12-member board to 10, up from the current seven.