World Economy

Toshiba to Book $858m Loss

Toshiba  to Book $858m LossToshiba  to Book $858m Loss

Toshiba is to book a combined loss of more than ¥100 billion ($858 million) for the last fiscal year as it writes down the assets of its struggling segments, including its semiconductor, white goods and US atomic energy operations, NewsNow reported. The troubled Japanese conglomerate, which continues to reel from revelations it had massively overstated profits for six years, is expected to deliver overall earnings of zero, or possibly book a loss, people familiar with the situation told Japanese business daily Nikkei. The losses will be booked separately from the correction to overstated profits of ¥156.2 billion over seven years from 2008, which were uncovered by an independent panel that investigated bookkeeping irregularities at the electronics-to-nuclear giant. Before the accounting scandal came to light, Toshiba forecast an operating profit of ¥330 billion and a net profit of ¥120 billion for fiscal 2014. Toshiba was unavailable for comment.