TOSHIBA WARNS OF 950B YEN LOSS

Com­pany de­lays re­port­ing earn­ings for 3rd time since Jan­uary

New Straits Times - - Business -

TOKYO

Yes­ter­day’s warn­ing — largely linked to the blood­let­ting at West­ing­house — was, how­ever, slightly bet­ter than an ear­lier pro­jected net loss of 1.01 tril­lion yen for the year ended in March.

“We can’t of­fi­cially dis­close the earn­ings as they’re still be­ing au­dited,” said Toshiba pres­i­dent Satoshi Tsunakawa.

Toshiba — still re­cov­er­ing from a 2015 ac­count­ing scan­dal — has said it needed more time to probe claims of fi­nan­cial mis­con­duct by se­nior man­agers at West­ing­house and to gauge the im­pact on its fi­nances.

The com­pany now faces a dead­line at the end of next month to file its re­sults with Ja­pan’s fi­nance min­istry, or face a pos­si­ble end-of-July delist­ing.

Yes­ter­day’s an­nounce­ment comes as a sen­si­tive time as Toshiba looks to sell its prized mem­ory chip busi­ness.

The plan is fac­ing op­po­si­tion from West­ern Dig­i­tal, which jointly runs Toshiba’s key chip plant in Ja­pan.

On Sun­day, the US-based firm said it was tak­ing its case to the In­ter­na­tional Court of Ar­bi­tra­tion, seek­ing an in­junc­tion to block Toshiba from sell­ing the busi­ness to a third party.

Un­load­ing the di­vi­sion, which ac­counts for about one-quar­ter of Toshiba’s pre­vi­ous 5.6 tril­lion yen in an­nual rev­enue, is seen as key for the com­pany to turn it­self around. AFP

REUTERS PIC

Toshiba pres­i­dent Satoshi Tsunakawa says the com­pany can­not of­fi­cially dis­close its earn­ings as they are still be­ing au­dited.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.