Brief respite for Toshiba as auditors sign off on full-year earnings
Tokyo — Toshiba’s auditors signed off on its full-year earnings, offering some temporary relief as the Japanese company struggles to stabilise after an accounting scandal, massive write-downs and a legal spat that threatens to delay the sale of its chip business. The industrial and consumer electronics maker reported a ¥965.7bn ($8.8bn) net loss for the year ended March 31, it said in a statement. That compares with a ¥977.4bn loss average of analysts’ estimates and the Tokyo-based company’s own outlook of as much as ¥1.01-trillion. Toshiba forecast a ¥230bn in net income for the current fiscal year. While the qualified endorsement for the numbers marks a milestone for Toshiba, PricewaterhouseCoopers Aarata also criticised the company’s internal controls. Toshiba said that the adverse opinion may have a "severe negative impact" on its financing, earnings and ability of shareholders to sell their shares. The company has been on a watchlist for possible expulsion from the Tokyo Stock ...
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