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Toshiba in turmoil

Toshiba six-month operating profit drops 94%, forecast cut

Share price under pressure amid possibility of conglomerate going private

Toshiba has struggled to find its financial footing after its U.S. nuclear engineering unit, Westinghouse Electric, blew a hole in its balance sheet. (Photo by Tsuyoshi Tamehiro)

TOKYO -- Toshiba on Friday announced a 94% plunge in operating profit for the six months through September from the same period last year and cut its full-year forecast, as investors monitor discussions about taking the Japanese industrial conglomerate private.

Toshiba's operating profit for the period came to 2.7 billion yen ($19 million), as sales grew 3.2% to 1.6 trillion yen. Its net profit, meanwhile, totaled 100 billion yen, up 68%, thanks to contributions from Kioxia, a memory chipmaking affiliate.

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