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Companies

Toshiba rebounds to record net profit and saves stock listing

Fate of crucial chip memory unit hangs in balance with 3 possible scenarios

Toshiba needed to pull itself out of negative net worth to stay on the stock market.

TOKYO -- Embattled Japanese conglomerate Toshiba on Tuesday reported a sharp earnings turnaround for the year ended March, logging its first net profit in four years and, crucially, a return to positive net worth.

In a separate announcement, the company said it intends to proceed with a 2 trillion yen ($18.26 billion) deal to sell its prized flash memory unit, Toshiba Memory, to a consortium led by management consulting firm Bain & Co.

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