Wednesday, 12 April 2017

Toshiba's future in doubt as it reveals huge losses



Toshiba has filed its delayed financial results, warning that the company's survival is at risk. "There are material events and conditions that raise substantial doubt about the company's ability to continue as a going concern," the company said in a statement.

The electronics-to-construction giant reported a loss of 532bn yen (£3.8bn; $4.8bn) for April to December. However, the results have not been approved by the firm's auditors.

These latest financial results have already been delayed twice and raise the possibility that Toshiba could be delisted from the Tokyo Stock Exchange.

Toshiba's president, Satoshi Tsunakawa, apologised for the problems facing the firm and called the auditor's decision not to approve the financial report as "truly regrettable". He said he hoped the company would not be delisted.