Toshiba's Q3 profit doubles, extraordinary meeting set for March 18

FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at Toshiba’s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai

TOKYO (Reuters) – Toshiba Corp on Friday reported a 99.6% jump in third-quarter operating profit, boosted by strong demand for power management chips amid a global chip shortage.

The Japanese industrial conglomerate also said it would hold an extraordinary shareholders meeting on March 18, as demanded by two large shareholders over governance-related issues.

Toshiba posted an operating profit of 20.9 billion yen ($199.45 million) for the October-December quarter, up from 10.47 billion yen a year prior.

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