Toshiba reports Q2 profit jump, announces tender offer for 3 listed units

Credit: REUTERS/Toru Hanai

Japan's Toshiba Corp posted a jump in quarterly operating profit and said it will buy out three of its listed subsidiaries as the industrial conglomerate moves on from accounting scandals and a management crisis.

TOKYO, Nov 13 (Reuters) - Japan's Toshiba Corp 6502.T posted a jump in quarterly operating profit and said it will buy out three of its listed subsidiaries as the industrial conglomerate moves on from accounting scandals and a management crisis.

Toshiba reported an operating profit of 44.23 billion yen ($405.41 million) for the second quarter ended September, up from 6.25 billion yen a year prior, as it cut costs and reined in low-margin infrastructure projects.

That compared with a 25.97 billion yen average of 4 analyst estimates compiled by Refinitiv.

Toshiba also said it would launch tender offers for plant engineering firm Toshiba Plant Systems & Services 1983.T, marine electrical systems maker Nishishiba Electric 6591.T, chip-making equipment maker NuFlare Technology 6256.T to convert them into wholly owned units.

($1 = 109.1000 yen)

(Reporting by Makiko Yamazaki; Editing by Christian Schmollinger)

((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))

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