Toshiba submits FY 2016 financial results, avoids immediate delisting

Toshiba announces US.7 bn net loss in 2016

Toshiba announces US.7 bn net loss in 2016

Toshiba is still mired in legal wrangling with joint venture partner Western Digital of the USA, which is opposing Toshiba's attempt to sell its computer memory chip business to gain the cash it needs to survive.

Toshiba said on 10 August that PriceWaterhouseCoopers Aarata LLC (PwC) had given a "qualified opinion" on its results for the year through March as well as for the April-June quarter. Toshiba has struggled to win back the trust of shareholders since a 2015 accounting scandal, in which it admitted to inflating profits over several years.

The earnings report greatly reduced the chance of an embarrassing delisting of the company from the Tokyo Stock Exchange. That would have hurt its ability to raise money for its cash-hungry memory-chip business, jeopardizing its competitiveness.

A writedown at Westinghouse and other liabilities linked to the nuclear unit have pushed Toshiba into negative shareholders' equity of $5.2 billion, triggering its demotion to the second section of the bourse and forcing it to put its $18 billion chip unit up for sale.

The adverse opinion was over what Toshiba describes as a failure to reach and agreement on the timing of a loss recognition, which related to one of the company'sformer subsidiaries, Westinghouse's, acquisition of CB&I Stone & Webster.

In June, Toshiba picked the consortium of state-backed Innovation Network Corp of Japan, the state-owned Development Bank of Japan and USA fund Bain Capital as its preferred bidder for its chip business.

Toshiba still needs to get itself out of a negative net worth to avoid being delisted.

The Japanese conglomerate reported its earnings results for the April-June period for fiscal 2017, posting a group operating profit of 96.69 billion yen, a record for the quarter and up by almost six-fold from a year earlier. It also raised its profit forecast for the current year to 430 billion yen from a previous 230 billion yen.

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