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Toshiba warns it may not continue as ‘going concern‘

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December 18, 2019
Toshiba Corp. projected a $9.2 billion loss for its fiscal year and warned it may not be able to continue as a “going concern.”
The Japanese electronics giant released unaudited results Tuesday, reporting steep losses related to the bankruptcy filing of its U.S. nuclear unit Westinghouse Electric Co. last month. For the first nine months of the year, which ends in March, it lost $4.8 billion.
The maker of computer chips and household appliances said expenses related to nuclear power construction by Westinghouse will “significantly” impact its liquidity.
“There are material events and conditions that raise the substantial doubt about the Company’s ability to continue as a going concern,” the company said in its twice-delayed financial report.
Toshiba released the unaudited results, an unusual move, because it said its auditor couldn‘t reach a conclusion due to uncertainties related to the acquisition of U.S. nuclear construction company CB&I Stone and Webster.
One of Japan‘s most renowned electronics manufacturers, Toshiba has been roiled by soaring costs that followed the March 2011 nuclear disaster in Fukushima, which also hurt its public sentiment toward nuclear energy. It still must decommission the Fukushima Dai-ichi nuclear plant, which suffered repeat meltdowns after the 2011 tsunami in northeastern Japan.

December 24, 2019 - Posted by | Japan | ,

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