Reports massive losses.
The survival of the Japanese electronics and construction group Toshiba is under question following the filing of unaudited financial results that reported a loss of $4.8 billion covering the April to December 2016 period. The latest results have already been delayed twice and there was speculation the company could have faced a possible delisting from the Tokyo Stock Exchange had it not filed.
At a press conference in the company headquarters in Tokyo, Toshiba president Satoshi Tsunakawa apologised for the problems but said he did not foresee a need for any dramatic revisions in the earnings report. He called the auditor’s decision not to approve it as “truly regrettable”. The company’s auditors PriceWaterhouseCooper Arata was understood to be still investigating the firm’s accounts.
Toshiba has been saddled with a number of difficulties over the past few years most recently with its US nuclear unit, Westinghouse, which was placed into Chapter 11 bankruptcy in March.
A recent report in The Wall Street Journal, said iPhone contractor Foxconn has offered up to $27 billion for Toshiba’s computer-chip business. Toshiba is the world’s second-largest chip manufacturer. However, neither Toshiba nor Foxconn have commented on that report.