Toshiba to book $800 million in April-June on sale of white goods business

Toshiba Corp said on Wednesday it would book a pretax profit of 90 billion yen ($801.7 million) for its first quarter ending June, on the sale of its while good business to China`s Midea Group Co Ltd.

Reuters| Updated: Mar 30, 2016, 14:16 PM IST

Tokyo: Toshiba Corp said on Wednesday it would book a pretax profit of 90 billion yen ($801.7 million) for its first quarter ending June, on the sale of its while good business to China`s Midea Group Co Ltd.

The company said it had agreed with Midea to sell a stake of 80.1 percent stake in its white goods unit for about 53.7 billion yen.

The profit from the transaction exceeded the deal price since the former reflects the unit`s debt that will be removed from Toshiba`s balance sheet, the company said.

($1=112.2600 yen)