Toshiba Corp <6502.T> may log 1 trillion yen ($11.94 billion) in sales from its nuclear power business by fiscal 2013, instead of fiscal 2015, due to a growing demand in emerging markets and the United States, its President Norio Sasaki told The Nikkei in an interview.
After acquiring major U.S. nuclear power firm Westinghouse Electric Co, Toshiba had set a target to receive orders for 39 nuclear reactors from fiscal 2006 through fiscal 2015, the daily said.
We'll continue promotional activities with an aim to top this target, The Nikkei said quoting Sasaki.
With demand for nuclear power growing in emerging markets, Toshiba has stepped up efforts to propose projects in China, Vietnam, Turkey and Saudi Arabia, the business daily said.
Despite concerns of a slowdown in nuclear plant construction in the U.S. due to the nation's fiscal problems, Sasaki said the country is still promoting the use of nuclear power, the daily said.
Toshiba's projects have high priority in receiving U.S. government guarantees for nuclear plant construction, the newspaper quoted Sasaki as saying.
According to Sasaki, Westinghouse's sales are growing by 20 percent a year in dollar terms, with operating profit margin for Toshiba's overall nuclear power business, including the U.S. subsidiary, likely to hit 10 percent as early as fiscal 2013, the Nikkei reported.
(Reporting by Divya Sharma in Bangalore; Editing by Roshni Menon)