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Toshiba saw $8.7bn net loss in the year 2016

By Team Pardaphash 
Updated Date

According to Japanese tech giant Toshiba’s financial results released today, the company incurred a net loss of 965.6 billion yen ($8.7 billion) in the 2016 fiscal year.

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The company released its financial results for the previous fiscal year, that ended on March 31, after having obtained partial approval from its auditors and postponed the announcement on three occasions.

Toshiba’s massive losses and accounting problems in the last financial year have primarily stemmed from the indebtedness of its nuclear power plant division, Westinghouse Electric, in the US, which declared bankruptcy in March, and also caused the Japanese group to be demoted to the second section at the Tokyo Stock Exchange last week.

As a result, Toshiba also incurred a negative net worth of 552.9 billion yen, the company said in the statement.

Despite this, the Japanese conglomerate posted an operating profit of 270.79 billion yen during the 2016 fiscal year, marking a significant rebound compared to 2015 when the company posted almost double the losses.

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