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Toshiba delays report amid fears it can not survive nuclear losses

Toshiba delays report amid fears it can not survive nuclear losses

Shiga has stepped down "to take management responsibility for the loss" related to assets of its United States nuclear branch, Westinghouse Electric, according to a statement by the company.

Toshiba is attempting to recover after it emerged in 2015 that profits had been overstated for seven years, prompting its boss to step down.

Toshiba is rumoured to have approached Korea Electric Power as a potential buyer for its stake in NuGen, according to the Nikkei business paper. "There is also the question of why the nuclear write-down happened".

Shares in the firm have nearly halved since the end of December, when Toshiba first flagged huge losses in its atomic unit. Instead, the company said that it was "not ready" to make the announcement and asked for another month to file.

The threat to the industrial giant, which produces a range of products from consumer electronics to nuclear power, casts doubt on the project to build a new nuclear reactor in Moorside, Cumbria.

"The delay shows that the company is in a mess", said Makoto Kikuchi, chief executive of Myojo Asset Management.

Toshiba said it couldn't release official results while the investigation continued.




Toshiba's woes continue to get worse.

Toshiba manufactured one of the reactors in Japan's crippled Fukushima Daiichi nuclear plant, which was hit by an quake and tsunami in March 2011, and has since been involved in the clean up.

"Uncertainty looms over how a Toshiba writedown related to its Westinghouse subsidiary may affect the fixed-price contract Scana signed to guarantee completion of its new Westinghouse nuclear units", Stacy Nemeroff, an analyst for Bloomberg Intelligence, wrote in a research note Tuesday.

Toshiba had delayed issuing its results, but then said it was set to report a net loss of 390 billion yen (£2.75 billion) in the year to March 2017.

Now however, it is saying it could sell a majority stake in the unit or even a complete sale of the entire semiconductor business.

Toshiba said it based its latest cost calculations on the most pessimistic scenario, but executives also said they couldn't rule out further losses. Less than a decade ago the company was worth five times more.

Toshiba's financial condition has been exacerbated in the wake of an accounting scandal in 2015. Toshiba's prior guidance for fiscal 2016 was net income of 145.0 billion yen.

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