Toshiba reports best profit in two years

Uptrend: The logo of Toshiba Corp is seen at an electronics store in Yokohama, south of Tokyo. Toshiba reported a much stronger-than-expected operating profit of 44.23 billion yen (US$405.41mil) 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. — Reuters

TOKYO: Japan’s Toshiba Corp posted its highest quarterly profit in two years on Wednesday 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 a much stronger-than-expected operating profit of 44.23 billion yen (US$405.41mil) 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.