Toshiba expects $A11.3b loss in 2016

Japanese tech giant Toshiba says it expects to report a loss of $A11.3 billion in 2016.

Toshiba says it expects a net loss of 950 billion yen ($A11.3 billion) for the 2016 financial year, a 19.5 per cent year-on-year decrease.

The Tokyo-based company released an estimate for the last financial year - between April 2016 and March 2017 - subject to change as the results are still being reviewed by an auditor - in which it estimates a net equity of 540 billion yen.

Toshiba also estimates an operating profit of 270 billion yen - as compared to losses a year ago - and sales of 4.87 trillion yen, a 5.5 per cent year-on-year drop.

Toshiba, which presented its results for the first nine months of the 2016 financial year in April, after delaying them twice, decided to release its estimate even as it awaits the auditor's approval for its results to ensure the situation would not affect its investors.

The Tokyo Stock Exchange's non-binding 45-day deadline for companies to release their results expires on Monday.

The Japanese tech and infrastructure giant said in a statement that it hopes to pay off its debt through an injection of external capital into its chip manufacturing division and issued a provisional forecast, in which it expects to return to profit.

Toshiba's financial problems came to a head again in January this year, when it became clear its US nuclear unit, Westinghouse, was in financial trouble.

Westinghouse was put into Chapter 11 bankruptcy in March, which protects it from creditors while it undergoes restructuring.


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Source: AAP


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