Toshiba said Monday it would book a $318 million annual loss to account for a billion dollar profit-padding scandal that hammered the reputation of one of Japan's best-known firms.
The vast 140-year-old conglomerate revised its results for the past fiscal year to March 2015, booking a 37.8 billion yen ($318 million) net loss that reversed a previously expected 120 billion yen annual profit.
Toshiba's new president Masashi Muromachi said the company, which sells everything from vacuum cleaners to nuclear reactors, would restructure certain divisions and overhaul a corporate culture fixated on profits at any cost.
"We have caused tremendous problems for investors at home and abroad," he told a press briefing in Tokyo.
"The company will work torwards recovering Toshiba's credibility."
Earlier Monday, Toshiba left unchanged its previously announced 170 billion yen operating profit on sales of 6.65 trillion yen for its latest fiscal year.
But it said it could not supply forecasts for the current year to March 2016.
Investors cheered the revised figures as bringing a sense of closure to the saga, with the firm's Tokyo-listed shares jumping nearly six percent at one stage before closing 1.75 percent higher at 352.7 yen.
"There is a sense of comfort in that the company was able to get its earnings out," said SMBC Nikko Securities manager Chihiro Ota.
He added that other companies dented by accounting scandals, including camera and medical equipment maker Olympus, bounced back after putting out revised earnings.
"I suspect Toshiba will take the same course," Ota added.
The new results follow months of delay as an outside panel probed Toshiba's finances in the wake of revelations that top executives pressured underlings to systematically inflate profits by about $1.2 billion since the 2008 global financial crisis.
'Real substance'
One of the most damaging accounting scandals to hit Japan in recent years, the case prompted an incumbent president and seven other top executives to resign after the company-hired panel found top management complicit in a years-long scheme to pad profits.
The embarrassing findings came as Japan adopted a long-awaited corporate governance code aimed at improving firms' transparency.
Muromachi vowed to improve Toshiba's internal controls, but warned that any new system would fail "unless it has real substance".
Best known for its televisions and electronics, including the world's first laptop personal computer and DVD player, Toshiba has more than 200,000 employees globally.
The company -- which holds a shareholders meeting this month -- has asked a host of renowned Japanese business leaders to act as outside directors in a management overhaul to improve its corporate culture.
Last month, Toshiba was booted from a stock index launched to highlight firms with the best return on equity and other shareholder friendly criteria.
Toshiba's business was dented by the financial crisis, while the 2011 Fukushima disaster squashed demand for atomic power at home in a big blow to the firm's key nuclear division.
Top executives complained of "shameful results" that could not be made public.
AFP
Mon Sep 07 2015
Last month, Toshiba was booted from a stock index launched to highlight firms with the best return on equity and other shareholder friendly criteria. - AFP Photo
KDNK suku kedua dijangka lebih baik, hasil positif ekonomi MADANI - Ahli ekonomi
Prestasi paling penting ialah peningkatan perbelanjaan isi rumah, disebabkan oleh keyakinan isi rumah yang semakin baik.
Jenazah Nidza Afham dikebumi di Puncak Alam
Solat jenazah akan diadakan di Masjid Puncak Alam sebelum dikebumikan di Tapak Perkuburan Felda Bukit Cherakah selepas solat Zohor hari ini.
Ibu Menteri Besar Kedah meninggal dunia
Allahyarham Meriam Ahmad menghembuskan nafas terakhir pada usia 74 tahun di Hospital Sultanah Bahiyah, Alor Setar.
Skuad bola tampar pantai Pulau Pinang berlatih di Songkhla
Pasukan bola tampar pantai Pulau Pinang di Pantai Samila, Songkhla selama lima hari sebagai persediaan menggalas cabaran membawa pulang pingat pada SUKMA 2024.
Pemandu treler maut, nahas lima kenderaan di PLUS arah utara
Kemalangan melibatkan lima buah kenderaan termasuk tiga buah treler, sebuah lori satu tan dan sebuah MPV Toyota Vellfire.
Niaga AWANI: Jiwa SME: Kuih tradisonal sejuk beku 'diterbangkan' ke Tanah Suci
Inovasi pembuatan makanan sejuk beku, terutama kuih muih tradisional telah berjaya membawa produk itu ke peringkat global, terutama dalam memenuhi citarasa jemaah haji dan umrah rakyat Malaysia di Tanah Suci Mekah dan Madinah.
Global Financial Shifts: What emerging economies need to know
We're looking at recent shifts in the global financial scene. Today, we'll talk about how lower inflation and possible Fed rate cuts could impact investor confidence, global stability, and important sectors like tech and real estate. We'll also see how these changes might affect emerging economies like Malaysia, a key player in global trade. Let's break down these topics to understand what they mean for the future.
MyJPJ rekod lebih RM28 juta transaksi dalam tempoh sebulan
JPJ merekodkan kutipan lebih RM28 juta menerusi aplikasi MyJPJ bulan lepas iaitu sebulan selepas transaksi dalam talian diperkenalkan pada Jun.
Urban Redevelopment Act: A comprehensive solution or a temporary fix?
Datuk Chang Kim Loong, Secretary-General of the National House Buyers Association (HBA), will speak about tackling one of the most pressing urban issues of our time: the Urban Redevelopment Act. Is this legislation the comprehensive solution we’ve been waiting for to eradicate urban slums, or is it merely a temporary fix?
Ringgit kekal dibuka tinggi, menjelang data KDNK suku kedua Malaysia esok
Pada 8 pagi, ringgit meningkat sedikit kepada 4.4150/4250 berbanding dolar AS daripada 4.4170/4235 ketika ditutup pada Rabu.