Toshiba takes $2.3B hit from Westinghouse

FRENCH PRESS AGENCY - AFP
TOKYO
Published 27.04.2016 01:26
Updated 27.04.2016 01:28

Troubled conglomerate Toshiba announced Tuesday it had booked a $2.3 billion write-down of its U.S. nuclear unit Westinghouse but said the sale of its medical devices business would reduce its forecast net loss for the year ended March.

A once proud pillar of corporate Japan, the company has been besieged by problems, most notably a profit-padding scandal in which bosses for years systematically pushed their subordinates to cover-up weak financial figures.

Toshiba is now expecting a net loss of 470 billion yen ($4.23 billion) for the last financial year. However, this is much lower than the previous estimate of a 710 billion yen loss, it announced in a statement. The company has been shedding businesses in a bid to reboot and last month announced it sold its medical devices unit to camera and office equipment maker Canon for 665.5 billion yen.

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