Troubled Toshiba Posts $318m Full-Year Loss

Toshiba are in a spot of trouble, it seems, as they have posted a net loss of 37.8bn yen ($318m or £209.3m) for the year, up until the end of March.

You may be wondering why they are just posting this result now, but it is due to the sale of their stake in Finnish firm Kone, in an attempt to bolster their bottom line.

The stake, which was 4.6%, was worth $946.2m.

You may also remember that back in July, Toshiba’s vice-president and president resigned after an independent panel found that the company had been overstating profits for six years. It weas not a small overstatement, either, as the panel said operating profits had been overstated by $1.22bn.

In their official breakdown (which can be read here), Toshida said: “While the US economy had lost some momentum… the UK had witnessed a strong performance and the eurozone had sustained a gradual recovery. Despite a slowdown in China, the emerging economies as a whole saw a continued gradual recovery, reflecting solid growth in Southeast Asia and India.”

Masashi Muromachi, chief executive, said that he was considering a “bold restructuring” of it’s semiconductor business by the end of the year.