Toshiba in Trouble
CBJ — Toshiba, whose U.S. nuclear unit Westinghouse Electric Co. has filed for bankruptcy protection, has reported un-audited earnings and a projected $12 billion loss for the fiscal year that ended in March.
Tokyo-based Toshiba’s un-audited results showed it racked up a $6.4 billion Cdn) loss for the April-December 2016 period. In February, the company, whose products include computer chips and household appliances, had forecast a $4.7 billion loss for the fiscal year.
The projected loss ballooned because of losses related to Westinghouse’s bankruptcy filing last month.
Toshiba has been selling off some of its choicest businesses to survive.
Costs soared after the March 2011 nuclear disaster in Fukushima, because of growing safety concerns and stricter regulations. A souring of sentiment toward nuclear power in some countries, weaker oil prices and the growing appeal of natural gas have also hurt its nuclear energy-based business strategy.
Toshiba still faces the challenge of decommissioning the Fukushima Dai-ichi nuclear plant, which sank into multiple meltdowns after the 2011 tsunami in northeastern Japan.