Impaired vision

7 September 2015 By Quentin Webb

The scandal-hit Japanese electronics group reported a $318 mln net loss for 2014, and restated years of results. Reliable numbers and revamped corporate governance are a start in regaining investors’ trust. Shedding troublesome units like PCs would be a useful next step.

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Money‚ Markets & Macroeconomics

Regions

Context News

Toshiba Corp on Sept. 7 reported a net loss of 37.8 billion yen ($318 million) for the past financial year due to asset impairment charges and other losses stemming from Japan’s worst accounting scandal in years. The electronics group restated results from fiscal 2008 to 2014, writing down net income by 155.2 billion yen and said it could not yet make any forecast for the current year.

The group nominated former Shiseido President Shinzo Maeda as chairman, confirming earlier media reports.

Maeda’s nomination is subject to approval at a Sept. 30 shareholders’ meeting.

Shares in Toshiba rose 5 percent by 1255 Tokyo time to 363.8 yen. The stock has fallen 29 percent this year.

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