Toshiba posts $318m annual loss
Tokyo
Toshiba said yesterday it would book a $318 million annual loss to account for a billion dollar profit-padding scandal that hammered the reputation of one of Japan’s best-known firms.
The vast 140-year-old conglomerate revised its results for the past fiscal year to March 2015, booking a 37.8bn yen ($318 million) net loss that reversed a previously expected 120bn yen annual profit.
Toshiba’s new president Masashi Muromachi said the company, which sells everything from vacuum cleaners to nuclear reactors, would restructure certain divisions and overhaul a corporate culture fixated on profits at any cost.
“We have caused tremendous problems for investors at home and abroad,” he said.
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