toshiba delays earnings again over us unit fraud probe
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

To publish results for the October-December quarter

Toshiba delays earnings again over US unit fraud probe

Arab Today, arab today

Arab Today, arab today Toshiba delays earnings again over US unit fraud probe

Japanese media reports said the troubled firm would push back
Tokyo - AFP

Toshiba has delayed the release of its earnings results again, sending its shares diving more than eight per cent, as it said it needed more time to investigate a possible accounting fraud at its loss-hit US nuclear unit.
Japanese media reports said the troubled firm would push back its financial results for another month, fanning fears the stock could be delisted from the Tokyo exchange.
Toshiba later issued a statement confirming it had filed a request with regulators for a deadline extension to April 11, the second delay for October-December results originally due in mid-February.
If the latest application is rejected, Toshiba will need to submit an earnings statement within eight business days, which would be on March 27, or face an embarrassing delisting.
The troubled industrial giant's shares tumbled 8.10 per cent to 197.5 yen (USD 1.72) by the break.
Japan's leading Nikkei business daily, quoting an unnamed source, said regulators would likely grant the request, but expressed reservations over the length of the extension.
"If you look at today's fall (in the stock price), market players are already pricing in a delisting," said Mari Iwashita, chief market strategist at SMBC Friend Securities.
Toshiba president Satoshi Tsunakawa will hold a news conference later in the day to address the announcement.
"For those who do not hold the shares now, they are standing on the sidelines in wait for the president's press conference" set for 4:00 pm (local time), Iwashita told AFP.
Investors "will be watching how the group plans to turn itself around and how quickly. They've been in a mess for years now so they need to act promptly".
Toshiba shares have been hammered this year, losing more than half their value since late December when it first warned of multi-billion-dollar losses at its US atomic subsidiary, Westinghouse Electric.
The firm has said a whistleblower had complained that one or more Westinghouse executives exerted "inappropriate pressure" on its accounting.
While it did not release earnings in February as scheduled, Toshiba warned it was on track to report a net loss of 390 billion yen in the fiscal year to March, as it faced a huge writedown topping 700 billion yen at Westinghouse.
The company today said it would need more time to look into the matter and assess its possible impact on earnings.
"An additional four weeks will be necessary to finalise the investigation," it added.
The crisis comes less than two years after Toshiba -- one of Japan's best-known firms employing about 188,000 people globally and reported annual revenue topping 5.6 trillion yen -- was hammered by a huge profit-padding scandal.
It was found that top executives had pressured underlings to cover up weak results for years after the 2008 global financial crisis.
The cash-strapped company has since sold off a number of assets, including its medical devices unit and most of its home appliance business, while it has also put its prized memory chip business on the block.


Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

toshiba delays earnings again over us unit fraud probe toshiba delays earnings again over us unit fraud probe

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

toshiba delays earnings again over us unit fraud probe toshiba delays earnings again over us unit fraud probe

 



GMT 23:27 2017 Thursday ,27 July

Indonesia gelar ASEAN Night di Doha

GMT 18:18 2017 Tuesday ,10 October

Hollywood mogul Weinstein accused of rape

GMT 05:12 2017 Sunday ,17 December

Judiciary not under pressure or taking dictation: CJP

GMT 13:29 2017 Tuesday ,12 September

Yemeni authorities dissolve terrorist cell in Naham

GMT 10:26 2017 Monday ,28 August

Vatican expresses solidarity with Muslim minority

GMT 02:52 2017 Thursday ,06 July

N. Korea rolls out 900 new tanks in last 7 years

GMT 04:01 2017 Sunday ,02 July

Lions flanker O'Brien cited for 'red card' hit

GMT 08:49 2017 Friday ,01 September

Israel supreme court warns government

GMT 22:06 2017 Saturday ,07 October

Police say London crash not related to terrorism

GMT 09:16 2017 Thursday ,26 October

Wael Jassar participates in concerts in Cairo

GMT 21:17 2017 Saturday ,10 June

'Air Cocaine' smuggler transferred to France

GMT 18:33 2017 Tuesday ,19 September

Booming 'super' league culture makes India's sports

GMT 14:54 2018 Wednesday ,24 October

Moscow’s initiative to extend New START deal

GMT 17:06 2018 Friday ,05 January

The Golden Globes and Hollywood's gender equality

GMT 03:24 2017 Tuesday ,19 December

US vetoes UN resolution rejecting Trump decision

GMT 10:39 2017 Thursday ,13 April

Bahraini King Meets Palestinian President

GMT 02:10 2017 Saturday ,18 February

Bodies of three sailors recovered from sunken ship

GMT 06:03 2017 Wednesday ,04 October

PM, education min. discuss educational process

GMT 19:47 2017 Thursday ,26 October

Bahrain weather forecast

GMT 02:59 2017 Wednesday ,02 August

September24th-October23rd
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday