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Toshiba in turmoil

Toshiba lowers profit forecast amid higher prices, chip shortages

Industrial conglomerate to call shareholders' meeting March 24 for spinoff plan

Toshiba expects its key industrial customers to post lower operating figures and cut capital investment due to the pandemic and chip shortages.   © Reuters

TOKYO -- Toshiba on Monday lowered its profit forecast for the year ending March, as its businesses -- which range from the production of automotive batteries to railway systems -- face rising commodity prices and shortages of semiconductors.

Group operating profit is now expected at 155 billion yen ($1.3 billion), up 48.5% from a year earlier, instead of the 170 billion yen previously forecast on sales of 3.34 trillion yen, up 9%.

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