Toshiba Corp of Japan’s third quarter profits more than doubled on the back of robust demand for its or NAND flash memory chips and liquid crystal displays – used in tablet PCs and Smartphones, including Apple’s iPad and iPhone.
The world’s second largest manufacturer of memory chips raised its outlook for the year’s Pre-tax and net profit, although it kept operating profit forecast for the full year unchanged.
For the quarter ended in December, Toshiba reported a net profit of ¥37.5 billion ($456.8 million, £287.6 million), compared to ¥14.5 billion in same period, last year.
Electronic devices, including flash memories contributed ¥17.2 billion in operating profit compared to a loss of ¥6.6 billion, a year earlier.
However, Toshiba’s profit fell short of analyst’s expectations; consensus estimate by Thomson Reuters had projected a profit of ¥50.2 billion. Full profit for the year has been projected at ¥250 billion by the company, again falling short of average analyst’s expectation of ¥269.9 billion.
The company raised its net profit for the year to ¥100 billion from ¥70 billion.
The company’s display unit received a boost after the Japanese government announced incentives for units that consume less power, its head of TV unit had said earlier this month.
Toshiba is conglomerate with presence in multiple segments, right from household appliances to nuclear power plants. It also competes with Dell and Hewlett-Packard in personal computers space.