Toshiba reports unaudited results

Toshiba Corp., whose US nuclear unit Westinghouse Electric Co. has filed for bankruptcy protection, reported unaudited earnings Tuesday and projected a 1.01 trillion yen ($9.2 billion) loss for the fiscal year that ended in March.
Tokyo-based Toshiba’s unaudited results showed it racked up a 532.5 billion yen loss for the April-December 2016 period. In February, the company, whose products include computer chips and household appliances, had forecast a 390 billion yen loss for the fiscal year.
Toshiba’s auditor, PricewaterhouseCoopers Aarata, said it could not reach a conclusion in its review of the figures because of uncertainties related to the acquisition of US nuclear construction company CB&I Stone and Webster.
Toshiba in recent years has been selling off some of its choicest businesses to survive. Costs soared after the March 2011 nuclear disaster in Fukushima, because of growing safety concerns and stricter regulations.
President Satoshi Tsunakawa apologized again for the problems but said he did not foresee a need for any dramatic revisions in the earnings report. He called the auditor’s decision not to approve it “truly regrettable.”
Speculation has been rife Toshiba may get delisted. Tsunakawa said he hoped that would not happen. He said Toshiba plans to report its full annual earnings in May.

Source: Arab News