The recent accounting scandal at Toshiba, which saw profit-padding to the tune of $1.2 billion over a seven year period, according to Bloomberg, has forced the conglomerate, in its own words, to undergo “bold” structural reform. This has seen the shedding of both jobs and business divisions over the past year, and the revision of FY financial forecasts. A new focus for the conglomerate will be in the energy and storage businesses, says Toshiba in its latest earnings report, out today. It adds that on the back of the restructuring, a group-wide net loss of around JPY 710 billion ($6 billion) can be expected for the FY 2015, instead of JPY 550 billion.
Renew Economy 5th Feb 2016 read more »