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Toshiba’s $8.8b in losses

Delayed Toshiba earnings report reveals $8.8b in losses By Tech Wire Asia | 10th August 2017 | @techwireasia AFTER several delays, Toshiba Corp. has finally released an audited earnings report, which revealed the company’s losses are valued at JPY965.7 billion (US$8.8 billion) for the 2016-2017 financial year ending March this year, reported Bloomberg.

Though a startling number, it should be noted those losses are comparable to the initial estimates by independent analysts who predicted Toshiba would lose an average of JPY977.4 billion (US$8.9 billion). Toshiba’s own outlook was far more bleak, with their own financial officials reporting they expected to lose JPY1.01 trillion (US$9.2 billion)…..

suspicions about the company’s opaque finances have resulted in slipping stock prices, a situation exacerbated by the bankruptcy of its Westinghouse nuclear business…..

The company is facing a possible delisting from the Tokyo Stock Exchange as a result of the manipulation of its account books. The matter is under investigation and if Toshiba fails to clean up its act and pull itself out of the red by next March, expulsion is almost a given…….http://techwireasia.com/2017/08/toshiba-earnings-report-huge-losses/#mMpeeOZFUAVImZpQ.97

August 11, 2017 - Posted by Christina Macpherson | business and costs, Japan