Arab Today, arab today toshiba posts 318m loss in wake of profitpadding scandal
Last Updated : GMT 22:35:22
Arab Today, arab today
Arab Today, arab today

Toshiba posts $318m loss in wake of profit-padding scandal

Arab Today, arab today

Arab Today, arab today Toshiba posts $318m loss in wake of profit-padding scandal

Toshiba
Tokyo - AFP

Crisis-hit Toshiba said Monday it would book a $318 million loss for its latest fiscal year in the wake of a billion dollar profit-padding scandal.

The vast 140-year-old conglomerate said that its annual loss for the year to March 2015 would be 37.8 billion yen ($318 million), reversing a previously expected 120 billion yen annual profit.

Toshiba left unchanged its previously announced 170 billion yen operating profit on sales of 6.65 trillion yen for its latest fiscal year.

But it said it could not supply forecasts for the current year to March 2016.

Investors appeared to cheer the finalised figures as bringing a sense of closure to the saga, with Toshiba's Tokyo-listed shares jumping 3.17 percent to 357.6 yen in morning trade even as the broader market turned lower.

The revised results come after months of delay as an outside panel probed the firm's finances amid revelations that top executives pressured underlings to systematically inflate profits by about $1.2 billion since the 2008 global financial crisis.

One of the most damaging accounting scandals to hit Japan in recent years, the case prompted an incumbent president and seven other top executives to resign after the company-hired panel found top management complicit in a years-long scheme to pad profits.

The embarrassing findings came just months after Japan adopted a long-awaited corporate governance code aimed at improving firms' transparency

Best known for its televisions and electronics, including the world's first laptop personal computer and DVD player, Toshiba has more than 200,000 employees globally and also operates in power transmission and medical equipment.

The company has asked a host of renowned Japanese business leaders to act as outside directors in a management overhaul to improve its corporate culture.

Toshiba is to hold a shareholders meeting at the end of this month.

Last month, Toshiba was booted from a stock index launched to highlight firms with the best return on equity and other shareholder friendly criteria.

Toshiba's business was dented by the financial crisis, while the 2011 Fukushima disaster squashed demand for atomic power at home in a big blow to the firm's key nuclear division.

Top executives complained of "shameful results" that could not be made public.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today toshiba posts 318m loss in wake of profitpadding scandal Arab Today, arab today toshiba posts 318m loss in wake of profitpadding scandal

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Turkey says ends its military operation

GMT 07:53 2017 Thursday ,30 March

Turkey says ends its military operation
Arab Today, arab today Wadih al-Azzazi calls for activating news coverage

GMT 19:29 2017 Thursday ,30 March

Wadih al-Azzazi calls for activating news coverage
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today 'Underwater wasteland' worries

GMT 10:32 2017 Thursday ,30 March

'Underwater wasteland' worries
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Singer Rowida Attiya will issue a new song

GMT 07:38 2017 Tuesday ,28 March

Singer Rowida Attiya will issue a new song
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 07:50 2017 Thursday ,30 March

Breaking trans barriers one barbell

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday