Toshiba files twice-delayed earnings report

Indo Asian News Service

Tokyo, April 11 (IANS) Toshiba Corp. on Tuesday reported its twice-delayed earnings report for the nine months through December that were filed without the endorsement from its auditor.

Toshiba reported a group net loss of 552.41 billion yen ($5 billion) due to losses related to hefty writedowns incurred by its US nuclear subsidiary Westinghouse Electric Co, Xinhua news agency reported.

On sales of 576.28 billion yen, Toshiba posted a group operating loss of 3.85 trillion yen during the April-December period.

At the end of March, the multinational corporation approved a Chapter 11 bankruptcy filing in the US by its embattled Westinghouse Electric unit with the conglomerate saying it faced a possible 712.5 billion yen writedown on its failing nuclear energy business and a related group net loss of more than 1 trillion yen.

Toshiba's shares were placed on a "securities on alert" watchlist by the Tokyo Stock Exchange in September 2015, following an accounting scandal, which had initially dented the company's reputation.

The filing on Tuesday without the approval of an auditor has yet to be accepted by regulators or the Tokyo bourse and could see the Tokyo-based firm delisted.

--IANS

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