Toshiba Reports $8.8 Billion Loss for Fiscal Year

On August 10th, Toshiba Corporation of Tokyo, Japan, reported a loss of $8.8 billion for its latest fiscal year that ended on March 31, 2017.

In the last several months, Toshiba had delayed reporting its financial results, risking being de-listed from the Tokyo Stock Exchange, but its auditor, PricewaterhouseCoopers Aarata, last week approved Toshiba’s financial results, removing the threat of de-listing.

Toshiba’s troubles began in 2015 when it was found to have inflated the previous seven years’ profits by $1.2 billion. Its troubles continued last year, when it was revealed that its U.S. nuclear-power unit Westinghouse had suffered billions of dollars in losses. Westinghouse has since gone into Chapter 11 bankruptcy protection.

To cover its losses, in the last several months. Toshiba has been seeking to sell its memory-chip business, Toshiba Memory Corporation, but its partner in the memory-chip business, Western Digital, has sought to prevent the sale in court.

Toshiba TEC, which develops printers and copier/MFPs, is a subsidiary of Toshiba Corporation. Toshiba America Business Systems (TABS) is majority-owned by Toshiba TEC.

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