Toshiba targets $5.6 billion profit for 2014/15

Japan’s biggest chip maker, Toshiba Corp, said on Thursday its annual operating profit is likely to reach 450 billion yen ($5.60 billion) by the business year ending in March 2015.

In its mid-term business plan, the electronics conglomerate also said its capital spending for the three years to March 2015 will be about 1.4 trillion yen and it plans to spend around 1.1 trillion yen on research and development during the same period.

The firm forecast an operating profit for the current year of 300 billion yen last week, buoyed by strong sales of its flash NAND memory chips used in Apple Inc’s blockbuster iPhones and iPads. ($1 = 80.3550 Japanese yen)

(Corrects figure in headline to $5.6 billion and in alert and text to 450 billion yen not 470 billion)

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Toshiba targets $5.6 billion profit for 2014/15