Toshiba's net profits down 95%
End of HD DVD, NAND prices blamed
25 April 2008 11:28 GMT / By Amy-Mae Elliott
Toshiba has revealed further financial hardship as a result of it losing the next-gen high def disc format war.
The Japanese company's net profit plummeted a "staggering" 95% in the January to March quarter, primarily due to losses related to its withdrawal from the HD market.
Toshiba's net profit was revealed to be 1.25 billion yen (about £6 million), down from 26.17 billion yen a year earlier. The cost of pulling out of the format war was pinned at 60.2 billion yen - about £292 million.
"Our net profit sharply fell due to the end of HD DVD business", a Toshiba spokesperson said. Apart from HD DVD Toshiba said its net profit dropped due to a drop in prices of flash memory chips.
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