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11.04.2017 14:08
Toshiba Published Delayed Financial Results, Says Future at Risk
The industrial giant reported a loss of 532bn yen (USD 4.8 bn) for April to December
AUTHOR: publics.bg


  • © Toshiba

Toshiba has filed its delayed financial results, warning that the company's survival is at risk.

"There are material events and conditions that raise substantial doubt about the company's ability to continue as a going concern," the company said in a statement.

The industrial giant reported a loss of 532bn yen (USD 4.8 bn) for April to December. However, the results have not been approved by the firm's auditors. Earlier, the company said that its loss could grow to one trillion yen for the entire year.

These latest financial results have already been delayed twice and raise the possibility that Toshiba could be delisted from the Tokyo Stock Exchange.

Toshiba, originally known for its consumer electronics products, has faced a series of difficulties. An accounting scandal, uncovered in 2015, led to the resignation of several members of the firm's senior management, including the chief executive, after the company was found to have inflated the previous seven years' profits by USD 1.2 bn.

Its problems came to a head again in January this year, when it became clear its US nuclear unit, Westinghouse, was in financial trouble. Westinghouse was put into Chapter 11 bankruptcy in March, which protects it from creditors while it undergoes restructuring.


TAGS: Toshiba | Westinghouse | loss | financial results | scandal | bankruptcy | energy 


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