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  HOME | Business & Economy (Click here for more)

Toshiba Announces $8.7 Billion Net Loss in 2016

TOKYO Toshiba incurred a net loss of 965.6 billion yen ($8.7 billion) in the 2016 fiscal year, according to its financial results released Thursday, three months late.

The Japanese technology corporation released its financial results for the previous fiscal year, which ended on Mar. 31, after having obtained partial approval from its auditors and postponed the announcement on three occasions.

Toshibas massive losses and accounting problems in the last financial year have primarily stemmed from the indebtedness of its nuclear power plant division, Westinghouse Electric, in the United States, which declared bankruptcy in March, and also caused the Japanese group to be demoted to the second section at the Tokyo Stock Exchange last week.

As a result, Toshiba also incurred a negative net worth of 552.9 billion yen, the company said in the statement.

Despite this, the Japanese conglomerate posted an operating profit of 270.79 billion yen during the 2016 fiscal year, marking a significant rebound compared to 2015 when the company posted almost double the losses.

Sales declined 5.5 percent year-on-year to 4.87 trillion yen.

For the current financial year, which will end on Mar. 31, 2018, Toshiba expects to return to profit and register a net profit of 230 billion yen.

The company also estimates that its operating profit would rise to 400 billion yen, a 77.4 percent interannual increase, while sales would grow 2 percent to 4.97 trillion yen.

The bankruptcy of Westinghouse Electric propelled Toshiba to begin a process of restructuring including the sale of its memory chips business, which has also been pushed back and whose terms are being negotiated with a Japanese conglomerate.

 

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