Arab Today, arab today toshiba warns of 45bn fiscal loss as shares slump 98
Last Updated : GMT 00:00:56
Arab Today, arab today
Arab Today, arab today

Toshiba warns of $4.5bn fiscal loss as shares slump 9.8%

Arab Today, arab today

Arab Today, arab today Toshiba warns of $4.5bn fiscal loss as shares slump 9.8%

Toshiba says it expects a 550 billion yen net loss
Tokyo - AFP

Scandal-hit conglomerate Toshiba warned Monday it expects to post a record annual loss of $4.5 billion and slash thousands of jobs, as shares in the firm plunged nearly 10 percent.

In a statement right after the close of trading, the company said it will cut 6,800 positions in its lifestyle business by introducing early retirement programmes and repositioning personnel, as well as carry out other structural reforms.

As a result of such changes, Toshiba said it expects a 550 billion yen net loss for the year to March, exploding from a 37.8 billion yen loss in the previous 12 months.

Shares in the company slumped 9.80 percent to end at 254.8 yen on the Nikkei stock index. The broader market ended down 0.37 percent.

Investors dumped the troubled company after the leading Nikkei business daily said in its Saturday edition that it was expected to report a net loss of 500 billion yen.

The news is the latest blow to the 140-year-old firm after it was this year hit by revelations that executives systematically pressured underlings to inflate profits in a years-long scheme to hide poor results.

One of the most damaging accounting scandals to hit Japan in recent years, the case forced Toshiba's incumbent president and seven other top executives to resign.

Toshiba, which sells everything from rice cookers to nuclear reactors, has admitted it had inflated profits by about $1.2 billion since the 2008 global financial crisis.

Toshiba's statement came two weeks after the Securities and Exchange Surveillance Commission watchdog said the company should be slapped with a record $60 million fine over the scandal.

 

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 warns of 45bn fiscal loss as shares slump 98 Arab Today, arab today toshiba warns of 45bn fiscal loss as shares slump 98

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 11:47 2017 Wednesday ,22 February

Toshiba skyrockets over 22% on chip unit sale hopes

GMT 11:31 2017 Wednesday ,22 February

Bayer says Monsanto deal on track, eyes record 2017

GMT 10:49 2017 Wednesday ,22 February

Airbus says profits hit by military plane woes

GMT 06:43 2017 Wednesday ,22 February

LuLu festival offers a taste of Egypt

GMT 06:11 2017 Wednesday ,22 February

Russia’s Rosneft, Libya’s NOC sign oil offtake deal

GMT 05:49 2017 Wednesday ,22 February

‘PSA to honor Opel job guarantees’

GMT 05:41 2017 Wednesday ,22 February

BHP to Trump: Protectionism will hurt growth
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
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