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Home International

Troubled Toshiba Warns Survival At Risk

April 11, 2017
in International
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Toshiba has filed its delayed financial results, warning that the company’s survival is at risk.

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The electronics-to-construction conglomerate made a loss of $4.8bn for April to December, the AFP agency said.

“There are events and circumstances that may bring about significant questions about the idea of [carrying on] as a going concern,” the firm said in a statement seen by AFP.

The results have not been approved by the firm’s auditors.

These latest financial results have already been delayed twice and raise the possibility that Toshiba could be delisted from the Tokyo Stock Exchange.

Toshiba is expected to hold a news conference later.

The conglomerate has been losing money, largely because of problems at its recently-bankrupt US nuclear unit.

Shares slumped by nearly 2% before the earnings announcement, despite reports that Taiwan’s Foxconn may bid $27bn for its valuable memory chip unit.

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Tags: Accounting scandalsAFPAgence France-PressebusinessBusiness_FinanceConglomerateeconomyelectronics-to-construction conglomerateFoxconnIndustrial ConglomeratesLaptop & Desktop ComputersmanufacturingMitsuiriskSecurities & Commodity ExchangesTaiwanTokyo Stock ExchangeToshibaUnited States

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