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August 22, 2017

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Toshiba has averted delisting

TOKYO -- Beleaguered Japanese conglomerate Toshiba staved off an immediate delisting from the Tokyo Stock Exchange (TSE) as delayed financial results were partially approved by its auditor.

"I believe that our earnings have normalized," Toshiba president Satoshi Tsunakawa told a news conference on Thursday.

The auditor, PricewaterhouseCoopers Aarata, however, issued an "adverse opinion" on Toshiba's internal controls as the 142-year-old Japanese company overlooked huge losses linked to the now-defunct U.S. nuclear power unit Westinghouse Electric. The U.S. company filed for bankruptcy protection in March.

Tsunakawa, however, said that he did not concede any flaws in the company's internal control now that the nuclear power sector has been removed from its books.

For the previous financial year ending March, Toshiba posted a net loss of 965.7 billion yen (US$8.8 billion), while it also reported negative net worth of 552.9 billion yen.

Toshiba, still facing a potential delisting from the TSE, is trying to sell its lucrative chip unit to raise cash. The company will be delisted if it reports negative net worth for the second year.

Toshiba also booked an operating profit of 96.7 billion yen for the April-to-June period, thanks to its robust chip business, compared with an operating profit of 16.3 billion yen in the same quarter last year.

In June, Toshiba picked the consortium of state-backed Innovation Network Corp of Japan, the state-owned Development Bank of Japan and U.S. fund Bain Capital as its preferred bidder for its chip business.

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