Toshiba posts $4 billion net loss in 2015

Japanese tech giant Toshiba registered net loss of $4 billion in 2015, the company announced on Thursday.

The net deficit of Toshiba multiplied 13-fold in the fiscal 2014 when the company incurred a loss of $347 million, EFE news reported.

Its operational losses amounted to $6 billion, after the operating profit of $1 billion harvested in the previous course.

Its sales turnover was $51 billion, 7.3% less than that in 2014.

The results were due to the loss of value of their nuclear energy branch and other areas of business, said the company, which is undergoing a restructuring process after it was revealed that it had manipulated its accounts in a systematic way for seven years.

However, Toshiba expects to return to profits in the current fiscal year, which ends in late March 2017, due to cost cuttings and the sale of it electrical appliances branch, which will bring in $550 million.

The Japanese conglomerate expects to record a net profit of $917 million, as well as an operating profit of $1 billion.

Toshiba also confirmed the appointment of its current Vice President Satoshi Tsunukawa, as company head, replacing Masashi Muromachi.

The appointment of Tsunakawa, 60, who has been with Toshiba since 1979, will be effective once approved during a shareholders meeting in June, the company said.

The accounting scandal, which came to light in February 2015, revealed that Toshiba had overestimated its sales revenue between 2007 and 2014 by $2 billion.