Toshiba warns of more job cuts as losses widen

Toshiba is warning it may cut more jobs as its losses widen.

The company's net loss for the six months to September was £700m.

It warns that its full-year losses could rise to £1.12bn, compared with its previous estimate of £684m.

The company has already announced that it plans to cut 10% of the 30,000 workforce in its microchip operations.

It now plans to implement these cuts by the end of March, 2002, two years earlier than originally scheduled.

The company expects unfavourable overseas markets in the second-half, due to weak demand for IT products and uncertainty following the US terror attacks.

Toshiba expects domestic demand for IT-related products, digital consumer products and mobile phones to remain slow.

Tadashi Okamura, the company's president, says further job cuts are possible if things get worse.