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Toshiba quarterly profits down 95%

Weak prices in flash memory and withdrawal of HD DVD hurts Toshiba results

Toshiba saw its quarterly profits drop by 95% for the January-March period, as the company took a massive hit from the failure of HD DVD and soft prices in the flash memory market.

The company posted profit of 1.25 billion yen, ($12m), down from 26.17 billion yen from the same quarter last year.

"Our net profit sharply fell due to the end of HD DVD business," said spokeswoman Hiroko Mochida.

Folding the company's HD DVD business cost around 48 billion yen ($461m) to close assembly lines and deal with inventory.

For the financial year ending 31st March, the company saw net profit decline by 7% to 127.4 billion yen.