Tokyo: Toshiba Corp said on Wednesday it would book a pretax profit of 90 billion yen ($801.7 million) for its first quarter ending June, on the sale of its while good business to China`s Midea Group Co Ltd.
The company said it had agreed with Midea to sell a stake of 80.1 percent stake in its white goods unit for about 53.7 billion yen.
The profit from the transaction exceeded the deal price since the former reflects the unit`s debt that will be removed from Toshiba`s balance sheet, the company said.
($1=112.2600 yen)
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