Tokyo: Toshiba dodged a delisting from Japan’s premier stock exchange as it posted long-delayed financial results yesterday, but it lost some $8.8bn in its last fiscal year over a sea of red ink at its US nuclear unit Westinghouse Electric.
The troubled conglomerate still faces a court battle to sell off its prized memory chip business for around $18bn with the sale seen as crucial to helping the firm get back on its feet.
There had been growing worries that cash-strapped Toshiba may not make yesterday’s deadline to supply financial statements for the fiscal year ended in March, as it was at odds with its auditor over multi-billion dollar losses at Westinghouse.
Toshiba had repeatedly delayed the release of its financial statements, saying it needed more time to gauge the impact to its balance sheet. The massive losses at the division, largely owing to delays and cost overruns, have raised doubts about the future of Toshiba, which is still recovering from a 2015 accounting scandal.
The firm is also probing whistleblower claims of financial misconduct by senior managers at Westinghouse.
However, auditor PricewaterhouseCoopers Aarata issued a qualified opinion on Toshiba’s statements yesterday.
