TOKYO -- Toshiba posted a 104.4 billion yen ($953 million) operating profit in the fiscal year ended March, down 20% from the previous year as the COVID-19 pandemic hit the Japanese industrial conglomerate's bottom line, the company said Friday.

Toshiba's operating profit recovered in the January to March quarter, reversing a loss in the April to June quarter last year.

After years of clashes with activist shareholders over the company's governance and growth strategy, Toshiba is attempting a reboot, as former President and CEO Satoshi Tsunakawa again takes the reins.

For the fiscal year ending March 2022, the company forecasts revenue of 3.25 trillion yen and an operating profit of 170 billion yen, up 62.8% from fiscal 2020, under a new management team led by Tsunakawa, who replaced Nobuaki Kurumatani last month as president and CEO.

Tsunakawa is expected to announce the company's strategy at a news conference later on Friday. In April, Tsunakawa said his mission would be to "build trust with stakeholders."

Toshiba, however, still faces the same challenge as under Kurumatani: It must satisfy shareholder demands for higher returns while investing in new growth businesses for the future.

Toshiba on Friday also announced to set up a new committee to advise the board of directors on how to enhance Toshiba's corporate value.

Global private equity fund CVC Capital Partners has shelved a Toshiba buyout offer. Others have also expressed interest in acquiring the company.

One big Toshiba shareholder, 3D Investment Partners, sent an open letter to the board in April, saying steps to review strategic alternatives, including an alternative ownership structure to enhance corporate value, would be "a critical first test of the new leadership."