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Toshiba sees bigger loss as restructuring costs mount

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Japanese industrial conglomerate Toshiba Corp said it expects a bigger loss than it previously forecast amid mounting restructuring costs after a US$1.3 billion accounting scandal.

[TOKYO] Japanese industrial conglomerate Toshiba Corp said it expects a bigger loss than it previously forecast amid mounting restructuring costs after a US$1.3 billion accounting scandal.

Toshiba said it now expected a net loss of 710 billion yen (S$8.51 billion) compared with a previously expected loss of 550 billion yen.

Toshiba is trying to recover from the book-keeping scandal in which it overstated profits from around 2009.

In December, it said it would slash 6,800 consumer electronics jobs, taking total cuts beyond 10,000, including previously announced plans.

REUTERS

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