Dear Visitor,

Our system has found that you are using an ad-blocking browser add-on.

We just wanted to let you know that our site content is, of course, available to you absolutely free of charge.

Our ads are the only way we have to be able to bring you the latest high-quality content, which is written by professional journalists, with the help of editors, graphic designers, and our site production and I.T. staff, as well as many other talented people who work around the clock for this site.

So, we ask you to add this site to your Ad Blocker’s "white list" or to simply disable your Ad Blocker while visiting this site.

Continue on this site freely
You are here: Home / Computing / Toshiba Reports Unaudited Results
Troubled Toshiba Reports Unaudited Results After Delays
Troubled Toshiba Reports Unaudited Results After Delays
By Yuri Kageyama Like this on Facebook Tweet this Link thison Linkedin Link this on Google Plus
Toshiba Corp., whose U.S. nuclear unit Westinghouse Electric Co. has filed for bankruptcy protection, reported unaudited earnings Tuesday and projected a 1.01 trillion yen ($9.2 billion) loss for the fiscal year that ended in March.

Tokyo-based Toshiba's unaudited results showed it racked up a 532.5 billion yen ($4.8 billion) loss for the April-December 2016 period. In February, the company, whose products include computer chips and household appliances, had forecast a 390 billion yen ($3.5 billion) loss for the fiscal year.

The projected loss ballooned because of losses related to Westinghouse's bankruptcy filing last month, the company said.

Toshiba's auditor, PricewaterhouseCoopers Aarata, said it could not reach a conclusion in its review of the figures because of uncertainties related to the acquisition of U.S. nuclear construction company CB&I Stone and Webster.

Toshiba, among Japan's most prestigious companies for decades, in recent years has been selling off some of its choicest businesses to survive.

Costs soared after the March 2011 nuclear disaster in Fukushima, because of growing safety concerns and stricter regulations. A souring of sentiment toward nuclear power in some countries, weaker oil prices and the growing appeal of natural gas have also hurt its nuclear energy-based business strategy.

President Satoshi Tsunakawa apologized again for the problems but said he did not foresee a need for any dramatic revisions in the earnings report. He called the auditor's decision not to approve it "truly regrettable."

Tsunakawa told reporters Toshiba's executives have given up pay were making other cost cuts, including selling a majority stake in the company's prized memory chip operations. Apart from its embattled nuclear segment, Toshiba's other operations are healthy, Tsunakawa said.

But the company's reputation has been tarnished by a scandal over doctoring of accounting books to meet unrealistic profit targets.

Speculation has been rife Toshiba may get delisted. Tsunakawa said he hoped that won't happen. He said Toshiba plans to report its full annual earnings in May.

Toshiba still faces the challenge of decommissioning the Fukushima Dai-ichi nuclear plant, which sank into multiple meltdowns after the 2011 tsunami in northeastern Japan.

Its chairman resigned to take responsibility for the mess. Tsunakawa has said the strategy based on Westinghouse was a mistake. He has also promised the company will not take on new nuclear projects.

© 2017 Associated Press under contract with NewsEdge/Acquire Media. All rights reserved.

Image credit: iStock.

Tell Us What You Think


Like Us on FacebookFollow Us on Twitter
© Copyright 2017 NewsFactor Network. All rights reserved. Member of Accuserve Ad Network.