Toshiba returns to Q1 profit on demand for automotive chips By Reuters

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© Reuters. The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon By Makiko Yamazaki TOKYO (Reuters) - Toshiba (OTC:) Corp said on Thursday it swung back to profit in the first quarter, as sales of automotive chips and hard disk drives recover from a pandemic-driven slump in demand. The scandal-hit Japanese conglomerate also said it has been working on the selection of candidates for a permanent CEO and board chairman. Satoshi Tsunakawa, a veteran Toshiba executive who has taken on both positions in an interim capacity, told reporters he hopes an extraordinary shareholders meeting to appoint a new board chairman will be held by the end of this year. Toshiba posted an operating profit of 14.5 billion yen ($132 million) for April-June, in line with estimates and reversing a year-earlier loss of 12.6 billion yen. It was its fourth consecutive quarter of operating profit. Sales jumped 21%. Its estimate of 170 bil
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