Toshiba Result 09/09/2015

As forecast, Toshiba Corp. reported a net loss for last year of ¥37.8 billion ($311.9 million) on turnover of ¥6.6 trillion ($54.5 billion) and has re-stated its earnings for the last six years. Write downs to Toshiba’s net profit from the years ending March 2009 until March 2014, as well as the first three quarters of the next year, reached ¥155.2 billion ($1.3 billion). The largest write down was a reduction of ¥64 billion ($528.3 million) to ¥13.4 billion ($110.6 million) for the year ending March 2013. For the final quarter of last year, Toshiba posted a net loss of ¥145 billion ($1.2 billion) on turnover of ¥1.9 trillion ($15.7 billion).

Analyst Comment

An auditor once said to me “If you are going to have a bath, get wet”. In other words, if you’re going to make a loss, make it a good one, you can then tuck away some recovery for the next year (BR)