Toshiba takes $2.3b hit from Westinghouse write-down

AFP, TOKYO:  Troubled conglomerate Toshiba announced yesterday it had booked a $2.3 billion write-down of its US 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.
Toshiba said it booked a write-down of 260 billion yen at Westinghouse after a rise in financing costs, but that revenue from the sale to Canon outweighed that negative impact.
As a result, Toshiba said that its operating loss will expand to 690 billion yen against the previous estimate of 430 billion yen loss.

Toshiba takes $2.3b hit from Westinghouse write-down

AFP, TOKYO: Troubled conglomerate Toshiba announced yesterday it had booked a $2.3 billion write-down of its US 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. Toshiba said it booked a write-down of 260 billion yen at Westinghouse after a rise in financing costs, but that revenue from the sale to Canon outweighed that negative impact. As a result, Toshiba said that its operating loss will expand to 690 billion yen against the previous estimate of 430 billion yen loss.