Toshiba posts annual net loss of $318 mn amid accounting scandal

Regulators are also likely to penalise Toshiba with a fine

Japan's Toshiba Corp, reeling from an accounting scandal, reported a net loss of 37.8 billion yen ($318 million) for the past financial year due to asset impairment charges and other losses.

The laptops-to-nuclear conglomerate had at one time expected a 120 billion yen net profit, although it pulled that forecast in May when it announced an accounting probe was being expanded and undertaken by independent investigators.

The company said it had overstated profits going back to fiscal 2008-09 by 155 billion yen ($1.3 billion).

The full-year results were delayed twice - first due to the investigation into its accounting practices and again a week ago when it said it had discovered new errors.

Shares in Toshiba climbed 1.7% in early trade, compared with a 1.5% decline for the Nikkei benchmark.

Regulators are likely to penalise Toshiba with a fine, sources have said. The Nikkei business daily reported earlier that the Tokyo Stock Exchange is expected to impose a fine of 91.2 million yen on Toshiba for undermining investor confidence.

The accounting scandal is Japan's biggest since 2011 when camera and medical device maker Olympus Corp was found to have been involved in a $1.7 billion scheme to conceal two decades of investment losses. Olympus was subsequently fined 700 million yen and some former executives were handed suspended jail sentences.

A Toshiba spokesman said the company would hold a news conference later on Monday.

($1 = 118.8300 yen)