Online Broadband Guide
Online Broadband Guide


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).

follow

editors' picks

April 13, 2017
Tillerson meets Russia's Lavrov after war of words over Syria
Just a few weeks ago, Tillerson's trip was seen as a test of Trump's commitment to developing a better relationship with Moscow. Within minutes, images began appearing on social media depicting victims, many of them children, shivering and gasping for air.

April 12, 2017
BTS Receives First Billboard Music Awards Nomination For Top Social Artist
Meanwhile, Twenty One Pilots and Rihanna round out the top nominees with 17 and 14 nominations respectively. Drake and the Chainsmokers have tied for the all-time record for most nominations at the Billboard Awards.

April 12, 2017
Welfare of Filipino workers focus of talks during Duterte Gulf tour
DFA also said the nature of most cases of the Filipinos in death row include murder, theft, and drugs. More than 1 million Filipinos reside and work in Saudi Arabia, Qatar and Bahrain.

April 11, 2017
U.S. carrier strike group heads toward Korea
A US official told Reuters on Saturday the increased presence was necessary given North Korea's recent provocative behavior. North Korea on Wednesday fired a medium-range ballistic missile into the Sea of Japan ahead of a U.S.

April 11, 2017
Capitals beat Bruins 3-1 in possible playoff preview
So if you're not getting through the neutral zone effectively, then a lot of times the puck's coming right back at you. Boston defenseman Torey Krug was out of service after just three shifts after colliding leg-first into the boards.

April 11, 2017
Japan to extend unilateral sanctions against North Korea
The idea that the U.S. could deprive Pyongyang of its "nuclear deterrent" through sanctions is "the wildest dream", it said. Washington, Seoul and others call the North's space program a cover for its long-range missile development program.

April 10, 2017
North Korea says Syria airstrikes prove its nukes justified
It claims its nuclear weapons are a necessary deterrent to the USA military threat. Trump's national security adviser, H.R.

April 09, 2017
Watch Thunder @ Suns Basketball online
Only Oscar Robinson playing for the Cincinnati Royals (now Sacremento Kings) in the 1961-62 season has previously managed this. Oklahoma City guard Russell Westbrook put his name in the National Basketball Association record books once on Friday.

April 08, 2017
US allies show support for strikes on Syria
The action marked a dramatic U-turn by Mr Trump, who had previously condemned U.S. military interventions in the Middle East. Syrian President Bashar al-Assad remains in power because Russian Federation saved him with air power and ground forces.

April 07, 2017
Is Chris Evans Done Playing Captain America? He Speaks to Rumors
On his talk with USA Today, Evans reminded fans that nothing lasts forever - even for his mantle as the upright Marvel superhero. Evans told USA Today: "I've had a great run". "These movies find new incarnations and new ways to tell the story", he said.