Toshiba said on Thursday that it suffered a $4.4 billion full-year net loss as the troubled conglomerate booked a massive write-down of its US nuclear unit, but said the worst was over as it forecast profits for the current business year. Toshiba has been besieged by problems, most notably a profit-padding scandal in which bosses for years systematically pushed subordinates to cover-up weak financial results. In an intensive makeover effort, the company has been shedding businesses and announced in March it sold its medical devices unit to camera and office equipment maker Canon. The company had already announced a write-down of ¥260 billion at its US nuclear unit Westinghouse after a rise in financing costs, but has said that ¥665.5 billion in revenue from the sale of the medical devices unit to Canon outweighed the negative impact. Toshiba said it would return to the black for the year to March 2017, projecting a net profit of ¥100 billion and operating profit of ¥120 billion, while sales are expected to edge down to ¥5.1 trillion. It said the expected recovery was based on efforts to concentrate on its profitable businesses, while it forecast its nuclear power and other energy units would improve.
Channel Asia 12th May 2016 read more »