Toshiba Reports Another Loss – Auditor Signs Off on the Books

Posted by at 2:59 pm on August 11, 2017

Toshiba auditor signed off on its full-year earnings, a first after the accounting scandal and massive writedowns. The company has been on a watchlist for possible delisting on the Tokyo Stock Exchange

The industrial and consumer electronics maker reported a 965.7 billion yen ($8.8 billion) net loss for the year ended March 31, it said in a statement. That compares with a 977.4 billion yen loss average of analysts’ estimates and the Tokyo-based company’s own outlook of as much as 1.01 trillion yen. Toshiba forecast a 230 billion yen in net income for the current fiscal year.

Toshiba also reported earnings results for the latest quarter, which ended June 30. Operating profit climbed almost sixfold from last year to 96.7 billion yen as profit from chip operations quadrupled. Sales rose 8.2 percent, while net income fell 37 percent to 50.3 billion yen.

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