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September 7, 2015

Toshiba posts $318m full-year loss, plans boardroom revamp

Accounting scandal forced the company to delay results twice.

By CBR Staff Writer

Japanese conglomerate Toshiba has posted a net loss of JPY37.8bn ($318m) in the fiscal year ending 31 March, amidst accounting regularities.

Operating income declined to JPY170.4bn ($1.4bn) and net sales were JPY6.65 trillion for the latest fiscal year.

The results come after months of delay as an independent panel found that Toshiba had overstated profits for the last six years. The accounting scandal has resulted in the resignation of the company’s president and two other executives.

Toshiba said that while the US economy had lost some momentum in the second half of 2014, the UK had witnessed a strong performance and the Eurozone had sustained a gradual recovery.

It also said that despite China’s slowdown, solid growth was seen in South East Asia and India.

Toshiba has established a management revitalisation committee to undertake negotiations on a new management team.

The company said going forward, it will resolve management issues and enhance its business environment.

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Plans also include accelerating business selection and concentration, fundamentally reformulating its business structure and financial structure revamp with appropriate measures.

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