Toshiba loss on weak TV, PC sales boosts case for revamp
Toshiba Corp swung to a first-quarter loss on weak PC and TV sales, raising pressure on its new chief executive to speed up a business revamp in addition to improving governance after a $1.3 billion accounting scandal.
The laptops-to-nuclear power conglomerate reported an April-June operating loss of 10.96 billion yen ($91 million) on Monday compared with a 47.7 billion profit a year earlier.
Toshiba confirmed last week it had overstated profits going back to fiscal 2008/09 by 155 billion yen. It also reported a 37.8 billion yen net loss for the last financial year through March to reflect more costs and conservative estimates on operations, including the South Texas Project, a US power plant project.
The laptops-to-nuclear power conglomerate reported an April-June operating loss of 10.96 billion yen ($91 million) on Monday compared with a 47.7 billion profit a year earlier.
Toshiba confirmed last week it had overstated profits going back to fiscal 2008/09 by 155 billion yen. It also reported a 37.8 billion yen net loss for the last financial year through March to reflect more costs and conservative estimates on operations, including the South Texas Project, a US power plant project.