Further Toshiba losses on HD DVD failure

Japanese electronics giant Toshiba said this Friday that its annual net profit dropped over 7 percent, mainly because of its loss to rival Sony in the next-generation DVD format war.


Japan's Toshiba Corp. said Friday its annual net profit dipped more than seven percent after losing out in a next-generation DVD format war, and forecast a modest rise for this year.

The electronics and engineering giant also saw sharp falls in the profitability of its semiconductor and liquid-crystal display (LCD) panel businesses, blaming falling prices.

Toshiba said its net profit fell 7.3 percent to 127.4 billion yen (1.23 billion dollars) in the year to March compared with the previous 12 months.

Operating profit slipped 7.9 percent to 238.1 billion yen. Revenue, however, rose 7.8 percent to 7.67 trillion yen.

For the year to March 2009, Toshiba predicted that net profit will rise 2.0 percent to 130 billion yen.

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