Toshiba attributed almost $ 2 billion of excess profit
Toshiba Corporation yesterday released a revised statement of financial results for the fiscal year, which ended at the end of March 2015. As expected, the corporation had to write off some assets, as well as reduce performance by $ 1.9 billion, Vedomosti writes . Previously, due to problems with financial reporting, many senior managers, including the president, left the company. The new president, Masashi Muromachi, was appointed to his post in July 2015.
Interestingly, the corporation did not write off Westinghouse's nuclear power divisions, which cost the company $ 5.4 billion in 2006. However, Toshiba had to incur an additional cost of 5.5 billion yen. “The decision not to write off Westinghouse assets makes Toshiba's nuclear business uncertain. There are questions about lawsuits and possible fines, so investors are unlikely to seriously invest in Toshiba shares, even if the quotes are low, "said Naoki Fujiwara, manager of Shinkin Asset Management investment fund. Since the proceedings, the company overestimated the results of its financial Toshiba shares fell 34%,
as previously reported, the company overstated profit for seven years, while top managers of the company were involved in fraud. Subject to adjustments, the previous fiscal year of the company ended with a loss of $ 318 million. Before the scandal, experts forecasted net profit of about $ 1 billion.