Business

Delayed Toshiba earnings reflect $12 billion in losses

TOKYO: Toshiba yesterday met a looming deadline to report its long-delayed financial results, saying it lost around US$8.8 billion (S$12 billion) in the last fiscal year over its hard-hit US nuclear unit Westinghouse Electric.

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

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

Toshiba had 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 company said it had a net loss of 965.7 billion yen (S$12 billion) for the fiscal year ended March 31, but said it would swing back to profitability in the current fiscal year. - AFP

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