Toshiba Delays Results Again Citing US Nuclear Unit
Muhammad Rameez Published June 23, 2017 | 01:10 PM
TOKYO, , (UrduPoint / Pakistan Point News - 23rd Jun, 2017 ) - Toshiba delayed the release of its long-overdue earnings again Friday, with the troubled conglomerate saying it needed more time to finish accounting work at its loss-hit US nuclear unit Westinghouse Electric (WEC).
The latest in a string of delays comes amid doubt about the future of one of Japan's best-known firms, which is grappling with claims of financial misconduct at the atomic unit. Westinghouse is now sitting in bankruptcy protection.
Toshiba twice postponed nine-month earnings before it released unaudited results in April, and warned last month it likely lost 950 billion Yen ($8.6 million) in the fiscal year that ended in March. On Friday, it slightly revised down its annual loss estimate to 995.2 billion yen.
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