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07:09, 23 August 2017 Wednesday
11:48, 10 August 2017 Thursday

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Toshiba reports long-delayed earnings, posts $8.8 bn loss
Toshiba reports long-delayed earnings, posts $8.8 bn loss

The move by one of Japan's best-known firms greatly reduces the chance of an embarrassing delisting from the Tokyo Stock Exchange (TSE). 

World Bulletin / News Desk

Toshiba on Thursday met a looming deadline to report its long-delayed financial results, saying it lost around $8.8 billion in the last fiscal year over its hard-hit US nuclear unit Westinghouse Electric.

But the troubled company is still on shaky ground as it faces a court battle to sell off its prized memory chip business for around $18 billion -- the sale is seen as crucial to its turnaround.

There were growing worries that Toshiba may not make Thursday's deadline to supply financial statements for the fiscal year ended in March, as it was at odds with its auditor over multi-billion dollar losses at Westinghouse.

Toshiba had repeatedly delayed the release of its financial statements, saying it needed more time to gauge the impact of Westinghouse on its balance sheet.

The massive losses at the division -- largely owing to delays and cost overruns -- have raised doubts about the future of Toshiba, which is still recovering from a 2015 accounting scandal.

The firm is also probing whistleblower claims of financial misconduct by senior managers Westinghouse.

However, the auditor, PricewaterhouseCoopers Aarata, issued a qualified opinion on Toshiba's statements Thursday, saying they were "mostly appropriate".

The company said it had a net loss of 965.7 billion yen ($8.8 billion) for the fiscal year ended March 31 but said it would swing back to profitability in the current fiscal year.

Earlier this month, the shares were demoted from the prestigious first section of the Tokyo Stock Exchange over inadequate internal controls.

 



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