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Troubled Toshiba reports unaudited results after 2 delays

Troubled Toshiba reports unaudited results after 2 delays

Toshiba, the second-biggest NAND chip producer after South Korea's Samsung Electronics Co Ltd (005930.KS), is considering selling the majority - or all - of its marquee flash-memory chip business, as it seeks to make up for a $6.3 billion writedown from its USA nuclear unit Westinghouse.

Today it delivered twice-delayed results for the the period of April-December previous year, showing it had made a net loss of 532bn yen (£3.8bn).

Toshiba has always insisted that it remains committed to the project - though it has long term plans to sell its stake - but this latest news looks set to reignite doubts about the company's engagement.

Thus, Toshiba said, "there are material events and conditions that raise the substantial doubt about the Company's ability to continue as a going concern".

A different statement to investors though said the company was taking measures to tackle its financial problems, adding: "Toshiba is sure it will be able to secure a sufficient financial base". Four nuclear reactors Westinghouse is helping to build in SC and Georgia are behind schedule and billions of dollars over budget.

Toshiba still faces the challenge of decommissioning the Fukushima Dai-ichi nuclear plant, which sank into multiple meltdowns after the 2011 tsunami in northeastern Japan.

Toshiba, among Japan's most prestigious companies for decades, in recent years has been selling off some of its choicest businesses to survive.

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 USA nuclear construction company CB&I Stone and Webster.

The company's reputation also has been tarnished by a scandal over doctoring of accounting books to meet unrealistic profit targets.

Taiwan-based Foxconn, one of Apple's biggest suppliers, has offered as much as 3 trillion yen ($27 billion), according to The Wall Street Journal and Bloomberg. But in an unprecedented move for a major Japanese company, Toshiba filed the report without the approval of its auditors.

He added that the firm would not comment on matters specifically related to Toshiba's finances.

A report for the just-ended quarter and full fiscal year is due in May.

To try to fix its balance sheet, Toshiba is now selling a majority stake in its prized computer chip business. Toshiba CEO Satoshi Tsunakawa said he considers the investigation to be over.

Speculation has been rife Toshiba may get delisted. Tsunakawa has said he expects the unit to fetch at least 2 trillion yen ($18 billion).


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