Toshiba posts full-year loss of €285m

Japan's Toshiba booked a net loss for the past financial year and pledged a bold restructuring, raising hopes it was finally moving beyond a $1.3 billion (€1.1 billion) accounting scandal.

The submission of its books, twice postponed due to its accounting woes, helped to allay concerns among some investors that the laptops-to-nuclear power conglomerate risked a delisting if it had missed its latest filing deadline.

Shares in Toshiba rose 1.8 per cent on Monday, but they are still down about 30 per cent since its accounting issues were disclosed in early April.

Analysts, however, said the company still had to tackle deep-rooted problems, such as what to do with its unprofitable PC and TV businesses.

For the past financial year, it reported a 37.8 billion yen net loss (€285 million). It had at one time expected a 120 billion yen net profit before pulling that estimate in May when it announced the accounting investigation was being expanded.

All in all, Toshiba said it had overstated profits going back to fiscal 2008/09 by 155 billion yen.

– (Reuters)