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▼ Toshiba to Further Delay Financial Report
- Category:Event
TOKYO (Jiji Press) — Toshiba Corp. submitted to regulators on Friday a request to extend the deadline for presenting its fiscal 2016 financial report from the end of this month.
The Kanto Local Finance Bureau gave its approval for the application to reset the deadline to Aug. 10. It is the fifth time for the struggling electronics and machinery giant to move back a deadline for announcing financial results, including quarterly ones, since its accounting scandal came to light in fiscal 2014.
At a news conference, President Satoshi Tsunakawa apologized for the delay. He also promised to do his utmost to ensure the report is submitted by the new deadline.
Toshiba also said its negative net worth as of the end of fiscal 2016 on March 31 is now estimated at ¥581.6 billion, larger than its earlier projection of ¥540 billion.
Group net loss for fiscal 2016 is put at ¥995.2 billion, revised up from ¥950 billion due to costs related to troubled U.S. nuclear business unit Westinghouse Electric Co.
Also on Friday, the Tokyo Stock Exchange announced its decision to demote Toshiba’s stock from the First Section to the Second Section on Aug. 1. The TSE is also considering whether to delist Toshiba.
Toshiba remains unable to close its book for the year ended in March this year, due to a dispute with its auditor, PricewaterhouseCoopers Aarata LLC, over when Westinghouse recognized its massive losses.
The Kanto Local Finance Bureau gave its approval for the application to reset the deadline to Aug. 10. It is the fifth time for the struggling electronics and machinery giant to move back a deadline for announcing financial results, including quarterly ones, since its accounting scandal came to light in fiscal 2014.
At a news conference, President Satoshi Tsunakawa apologized for the delay. He also promised to do his utmost to ensure the report is submitted by the new deadline.
Toshiba also said its negative net worth as of the end of fiscal 2016 on March 31 is now estimated at ¥581.6 billion, larger than its earlier projection of ¥540 billion.
Group net loss for fiscal 2016 is put at ¥995.2 billion, revised up from ¥950 billion due to costs related to troubled U.S. nuclear business unit Westinghouse Electric Co.
Also on Friday, the Tokyo Stock Exchange announced its decision to demote Toshiba’s stock from the First Section to the Second Section on Aug. 1. The TSE is also considering whether to delist Toshiba.
Toshiba remains unable to close its book for the year ended in March this year, due to a dispute with its auditor, PricewaterhouseCoopers Aarata LLC, over when Westinghouse recognized its massive losses.
- June 27, 2017
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