Toshiba has missed a deadline to file its annual results, but warned it was likely to report a loss of 950bn yen ($8.4bn; £6.5bn). The Tokyo Stock Exchange had given the Japanese giant until 15 May to report, but Toshiba said its auditors were still examining the figures. The estimated loss for the year to the end of March is slightly less than it had predicted last month. In April, the firm admitted its future may be in doubt. Toshiba, originally known for its consumer electronics products, has faced a series of difficulties. An accounting scandal, uncovered in 2015, led to the resignation of several members of the firm’s senior management, including the chief executive, after the company was found to have inflated the previous seven years’ profits by $1.2bn. Problems came to a head again in January this year, when it became clear its US nuclear unit, Westinghouse, was in financial trouble.
BBC 15th May 2017 read more »
Cumbrian new nuclear backer Toshiba has announced it is set to make a 950bn yen (£6.5bn) loss and has missed a deadline to file its annual results. The troubled Japanese giant has a 60 per cent stake in NuGen, which has plans to build a new power plant in Moorside, near Sellafield, and is set to become the company’s sole owner. It was given a deadline of yesterday to file its accounts by the Tokyo Stock Exchange but said that these were still being audited. This comes after the company said last month that it had “substantial doubt” about its ability to continue as a going concern. Toshiba has announced that it remains committed to Moorside but has also said it will look to sell its stake in the future. Korea Electric Power Corporation (Kepco) has said it is interested in buying into the project. NuGen is carrying out a “strategic review” into the Moorside project and chief executive Tom Samson has said he is “110 per cent” sure it will go ahead.
Carlisle News and Star 15th May 2017 read more »
Japan’s Toshiba Corporation expects to report a consolidated net loss of JPY950 billion ($8.4 billion) for the 2016-2017 financial year, ending 31 March, according to unaudited results it released today. Last month, the company warned of a net loss for the full year of about JPY1 trillion.
World Nuclear News 15th May 2017 read more »
Georgia Power’s interim assessment agreement with Westinghouse has been extended until 3 June, after which Southern Nuclear and Georgia Power will take over project management for the Vogtle AP1000 nuclear power plant construction project under a new service agreement.
World Nuclear News 15th May 2017 read more »