Toshiba Gains as Auditor Finally Gives Tick of Approval
12 Августа 2017, 12:07 | Kenneth Drake
Toshiba Corp is seen on a printed circuit board in this
Toshiba Corp has likely avoided immediate delisting after its auditor signed off on its financial results albeit with criticism of its governance, yet its future remains uncertain with no progress in talks to sell its chips unit for much-needed cash.
The results showed Toshiba made a net loss of 966 billion yen ($8.8 billion) in the year ended March 31, on sales of 4.9 trillion yen.
Toshiba had been debating with PwC Arata over when the Japanese company realized massive losses on a US nuclear power unit.
Auditor PricewaterhouseCoopers Aarata gave a "qualified opinion" on the financial statements, meaning it broadly endorsed the results. The company said it was intending to swing back to profitability in the current fiscal year, but getting itself out a negative net worth by March 2018 would not be easy, analysts warned.
There were growing worries that Toshiba may not make this morning's deadline to supply financial statements for the fiscal year ended in March, as it was at odds with its auditor over multi-billion dollar losses at Westinghouse. Its operating income came in at 270 billion yen, also unchanged.
An auditor endorsement may remove one less headache for Toshiba as it seeks to close the memory chip unit deal that has stalled due to disagreements between members of the main bidding groups.
Antitrust reviews in the U.S., Europe and China typically take at least half a year.
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