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Toshiba tries to draw a line

September 7, 2015

Toshiba has posted a net loss of 37.8bn yen (€286m) for the year to March. The delayed result follows the sale of its stake in Finnish firm Kone, in a bid to bolster its balance sheet amid the recent accounting scandal. The sale of the 4.6 per cent stake in the lift manufacturer was worth $946.2 million.

Toshiba’s president and vice-president resigned in July after an independent panel found the company had overstated profits for the past six years. The panel said operating profits had been overstated by $1.22 billion, roughly triple an initial estimate by Toshiba. The company has apologised to investors and has made attempts to avoid further accounting irregularities.

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