Reuters is reporting that Japan’s Toshiba is aiming to double its annual operating profit to $5.6 billion in three years time. The company aims to do so by expanding its social infrastructure business as well as boosting sales of electronics devices. Toshiba said its annual operating profit was likely to reach 450 billion yen ($5.6 billion) by the year ending March 2015, up from 206.7 billion yen for the year ended March 2012.
“We have shut down our domestic TV production. We are looking at all areas (of the TV business), number of models, numbers of panels, in order to re-strengthen this division,” Toshiba president and CEO Norio Sasaki told reporters. He added that the firm was shifting its focus to emerging economies and growing markets after domestic demand for TVs fell more than expected in the previous year.
The company predicts that its digital products division, home to its loss-making LCD TVs, would reach 200 billion yen in business year 2015/16. However, it pushed back its 1 trillion yen sales target for the nuclear power business for two years to 2017/18, following the Fukushima radiation disaster and stricter atomic regulations in the United States.