TOSHIBA is to book a combined loss of more than ¥100bn (£550m) for the last fiscal year as it writes down the assets of its struggling segments, including its semiconductor, white goods and U.S. atomic energy operations
The troubled Japanese conglomerate, which continues to reel from revelations it had massively overstated profits for six years, is expected to deliver overall earnings of zero, or possibly book a loss, people familiar with the situation told Japanese business daily Nikkei.
The losses of will be booked separately from the correction to overstated profits of ¥156.2bn over seven years from 2008, which were uncovered by an independent panel that investigated bookkeeping irregularities at the electronics-to-nuclear giant.
Before the accounting scandal came to light, Toshiba forecast an operating profit of ¥330bn and a net profit of ¥120bn for fiscal 2014.
Toshiba was unavailable for comment.
Join Financial Director, Oracle and a host of ‘Fast Data’ experts to discover how financial professionals can help create a Fast Data business
Wolseley is to cut up to 800 UK jobs and close around 80 branches costing the company about £100 million, the plumbing and heating supplier said on Tuesday despite reporting rising sales and profits
GoCompare is to demerge from esure and and be floated on the London Stock Exchange with the aim of boosting growth and performance
Three former Tesco executives, including the former finance director of Tesco UK, have been charged with fraud in relation to a £263m accounting scandal at the supermarket chain