Delays, confusion as Toshiba reports $6 billion nuclear hit and slides to loss

Toshiba said it expected to book a 499.9 billion yen ($4.4 billion) net loss for the nine months to December, and a 390 billion yen net loss for the full year. It also ended 2016 with negative shareholder equity due to the 712.5 billion yen nuclear writedown - a charge that was first flagged in December last year. Shares in the group slid 8 percent, putting the company's market value at 973 billion yen ($8.6 billion), less than half its value in mid-December. REUTERS/Issei Kato/File PhotoThe logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei KatoThe logo of Toshiba Corp. are seen at the company's facility in Kawasaki, Japan February 13, 2017.


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Delays, confusion as Toshiba reports US$6bil nuclear hit and slides to loss - Tech News

Toshiba said it expected to book a 499.9 billion yen (RM19.59bil) net loss for the nine months to December, and a 390 billion yen (RM15.29bil) net loss for the full year. It also ended 2016 with negative shareholder equity due to the 712.5 billion yen (RM27.93bil) nuclear writedown – a charge that was first flagged in December last year. Westinghouse woesIn an earlier, separate statement, Toshiba outlined concerns at its Westinghouse business, the US nuclear unit bought from the British Government a decade ago. Shares in the group slid 8%, putting the company's market value at 973 billion yen (RM38.14bil), less than half its value in mid-December. TOKYO: After a day of delays and confusion, Japan's Toshiba Corp said on Feb 14 it expected to book a US$6.3bil (RM28.03bil) hit to its US nuclear unit, a writedown that wipes out its shareholder equity and will drag the group to a full-year loss.




Toshiba said it expected to book a 499.9 billion yen ($4.4 billion) net loss for the nine months to December, and a 390 billion yen net loss for the full year. It also ended 2016 with negative shareholder equity due to the 712.5 billion yen nuclear writedown - a charge that was first flagged in December last year. Shares in the group slid 8 percent, putting the company's market value at 973 billion yen ($8.6 billion), less than half its value in mid-December. Highlighting the scale of its financial concerns, Toshiba also ramped up plans to raise cash, announcing it would consider selling most, even all, of its stake in its prized flash-memory chips business, plus its troubled nuclear business Westinghouse. REUTERS/Yuriko Nakao/FilesTOKYO After a day of delays and confusion, Japan's Toshiba Corp said on Tuesday it would book a $6.3 billion hit to its U.S. nuclear unit, a writedown that wipes out its shareholder equity and leaves the loss-making group scrambling for capital.


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