Business

Toshiba likely lost $11.7b in last fiscal year

TOKYO: Toshiba yesterday delayed the release of its earnings for a third time since January, but warned it has likely lost 950 billion yen (S$11.7 billion) in the just-ended fiscal year, with fears growing about its survival.

It comes as the firm grapples with claims of financial misconduct at US nuclear unit Westinghouse Electric, which is sitting in bankruptcy protection. Toshiba twice postponed the release of its nine-month earnings before releasing unaudited results last month.

But yesterday's warning was slightly better than an earlier projected net loss of 1.01 trillion yen for the fiscal year which ended in March.

"We cannot officially disclose the earnings as they are still being audited," Toshiba president Satoshi Tsunakawa said yesterday.

Toshiba stocks, which have lost more than 40 per cent of their value since December, rose 3.43 per cent to 261.8 yen yesterday.

The announcement comes at a sensitive time as the company looks to sell its prized memory chip business, with reports suggesting the likes of Taiwan's Hon Hai Precision, Google and Amazon among the suitors. - AFP

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