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.