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Toshiba faces uncertainty

International
Tokyo – Toshiba submitted an unaudited financial report for the April-December period with a statement warning of its future survival.

“There are events and circumstances that may bring about significant questions about the idea of carrying on as a going concern,” Toshiba said in a Japanese statement accompanying its unaudited figures.

Toshiba posted a group net loss of ¥532.51billion (R66.31 billion) and a group operating loss of ¥576.28 billion, on sales of ¥3.85 trillion during the nine-months to December. The net loss compares to previous estimates of ¥499bn and ¥479.44bn posted at the same time a year earlier.

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Toshiba President Satoshi Tsunakawa speaks during a press conference at the company's headquarters in Tokyo. AP Photo/Shizuo Kambayashi

The larger-than-expected losses follow Toshiba twice postponing the release of its financial figures since February.

The multinational conglomerate’s auditor PricewaterhouseCoopers Aarata did not endorse the April-December earnings owing to differing opinions regarding Toshiba’s trouble-hit US nuclear subsidiary Westinghouse.

Read also: Toshiba releases unaudited earnings after delays

Accounting irregularities at Westinghouse were the reason Toshiba twice postponed the release of its earnings.

At the end of last month Toshiba approved a Chapter 11 bankruptcy filing in the US by its embattled Westinghouse Electric unit.

XINHUA AND REUTERS

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