nuclear-news

Toshina writes down the value of its nuclear business

Toshiba to Take $2.3 Billion Write-Down on Nuclear Business, WSJ, Toshiba also revised earnings guidance for the fiscal year, forecasting a larger operating loss By TAKASHI MOCHIZUKI April 26, 2016

TOKYO—Toshiba Corp. said it would write down the goodwill value of its nuclear-power-plant business, including its U.S. subsidiary Westinghouse Electric Co., after years of criticism that the company’s outlook on the business was too optimistic.

The electronics giant said Tuesday that it would book the one-time loss of ¥260 billion ($2.3 billion) to reflect the change in the business’s earnings prospects and Toshiba’s financial standing.Toshiba’s recent financial scandal led to downgrades of its debt,which will make borrowing more expensive and so hurt profits.

The impairment charge will be recorded in results for the fiscal year that ended on March 31, due to be reported May 12…….http://www.wsj.com/articles/toshiba-to-take-2-3-billion-write-down-on-nuclear-business-1461654771

April 27, 2016 - Posted by Christina Macpherson | business and costs, Japan, USA