Troubled Toshiba warns over survival as it reports delayed results

The troubled firm reported a loss of $4.8bn in long-overdue financial results

Tokyo: Toshiba on Tuesday warned its survival was at risk as the struggling Japanese industrial giant reported a loss of $4.8 billion in long-overdue financial results.

One of the country’s best-known firms, Toshiba had twice delayed its earnings and faced the possibility of an embarrassing delisting from the Tokyo stock exchange if it missed the Tuesday deadline for reporting.

The unaudited results showed the troubled firm lost 532.5 billion yen in April-December. It has previously forecast losses could balloon to more than a trillion yen in the fiscal year to March.

Japan’s financial regulators had given the firm more time to assess the impact of huge writedowns at its US nuclear unit Westinghouse Electric, which filed for...Read more...

Source: gulfnews.com