Toshiba expects to swing to annual profit after scandal-related loss

By: | Published: May 12, 2016 1:29 PM

Japan's Toshiba Corp said it expects to post an operating profit this financial year after a big loss last year on large writedowns and restructuring costs in the wake of a damaging accounting scandal

Toshiba Corp. forecast an operating profit of 120 billion yen for the current financial year.Toshiba Corp. forecast an operating profit of 120 billion yen for the current financial year. (Photo: Reuters)

Japan’s Toshiba Corp said it expects to post an operating profit this financial year after a big loss last year on large writedowns and restructuring costs in the wake of a damaging accounting scandal.

The industrial conglomerate forecast an operating profit of 120 billion yen ($1.10 billion) for the current financial year.
It booked an operating loss of 719.1 billion yen for the year just ended, hurt in particular by a $2.3 billion writedown on its U.S. nuclear unit Westinghouse to address lingering doubts over its accounting practices.
A $1.3 billion book-keeping scandal last year pushed Toshiba to axe 14,000 jobs, sell its medical equipment business to Canon Inc and its white goods unit to Chinese household appliance giant Midea Group Co Ltd.
 

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition