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Toshiba posts 690b yen loss after writing down Westinghouse
[TOKYO] Toshiba Corp posted a wider-than-forecast operating loss after the troubled conglomerate wrote down the value of its Westinghouse power unit.
The operating loss was 690 billion yen (S$8.39 billion ) in the 12 months ended March compared with a forecast loss of 430 billion yen, the Tokyo-based company said Tuesday. An impairment charge of 260 billion yen will be taken on Westinghouse.
Toshiba, which makes everything from computers to nuclear power equipment, is trying to recover from an accounting scandal that has forced the sale of assets and executive resignations. The company is seeking to revive profits by narrowing the scope of its business lines.
The company is selling its medical unit to Canon Inc, home-appliance business to China's Midea Group Co and is considering letting go of its PC operations.