Toshiba reports $6bn write-down at nuclear unit
Earlier on Tuesday, Toshiba rattled investors by failing to release its earnings on schedule, saying initially it was ‘not ready’
Tokyo — After a day of delays and confusion, Japan’s Toshiba said on Tuesday it expected to book a $6.3bn hit to its US nuclear unit, a write-down that wipes out its shareholder equity and will drag the group to a full-year loss. Hours earlier on Tuesday, the battered conglomerate rattled investors by failing to release its earnings on schedule, saying initially it was "not ready" and then announcing later it needed more time to probe its Westinghouse nuclear business after internal reports uncovered potential problems. The figures eventually released were numbers that have yet to be approved by its auditor and Toshiba cautioned investors that a major revision was possible. Fully audited numbers are now not due till March 14 after the firm was granted a reprieve for its formal filing by Japanese regulators. Toshiba also said in a statement it could push harder to raise capital, including selling a majority stake in its memory chip arm. Previously, it had sought to sell just less tha...
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