Toshiba predicts record $4.5bn loss

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Troubled Toshiba posted a multi-million-dollar annual loss for the year
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By BBC

Troubled Japanese conglomerate Toshiba has said it will report a record 550bn yen ($4.5bn) annual loss as it undergoes a restructuring in the wake of an accounting scandal.

The company, whose activities range from laptops to TVs to nuclear energy, is planning to cut 6,800 jobs.

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Investors sold Toshiba shares on Monday, leaving them down 10%.

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Toshiba’s president and vice-president resigned in July after the firm said it had overstated profits for six years.

Masashi Muromachi took over as chief executive and president from president Hisao Tanaka and vice-chairman Norio Sasaki also resigned in the wake of the scandal.

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As part of its restructuring, Toshiba will sell its TV manufacturing plant in Indonesia. It is also looking for investors for its healthcare business.

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Toshiba, which was founded in 1875 and launched the world’s first mass-market laptop in 1985, currently employs almost 200,000 people.

It has lost about 40% of its value since news of the profit overstatement began to emerge in April.

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