From Indonesia : Bye-Bye Toshiba and Panasonic !!!
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Toshiba Expects Biggest-Ever Yearly Net Loss of $6 Billion !
The company’s fragile business portfolio was exposed by last year’s accounting scandal
TOKYO— Toshiba Corp. said Thursday it would record the biggest annual loss in its 140-year-old history as the firm wrote down the book value of several units, including energy and infrastructure, while restructuring costs ballooned.
For the full fiscal year ending in March, Toshiba predicted it would record a net loss of ¥710 billion ($6 billion), larger than its previous ¥550 billion net-loss forecast in December. Revenue was left unchanged at ¥6.2 trillion and the operating loss was revised to ¥430 billion from ¥340 billion.
For the previous 12-month period, the electronics conglomerate posted a ¥37.8 billion net loss.
After an accounting scandal at Toshiba exposed the company’s fragile business portfolio last year, Chief Executive Masashi Muromachi began to implement across-the-board shake-ups, including cutting thousands of jobs and spinning off noncore businesses.
Toshiba plans to sell its loss-making personal computer and home appliance businesses, as well as its profitable medical arm to set aside cash for its core nuclear power plant and flash memory businesses.
For the three-month quarter ended in December, Toshiba reported a net loss of ¥516.7 billion, while its operating loss was ¥139 billion and revenue was ¥1.449 trillion.
In the same period a year earlier, Toshiba earned ¥1.61 trillion in revenue, ¥63.9 billion in operating profit and ¥54.6 billion in net profit.
The outcome was worse than a FactSet mean estimate of 15 analysts for ¥1.46 trillion in revenue, a ¥175.6 billion operating loss, and a ¥230.2 billion net loss. For the full fiscal year, the analysts forecast ¥6.23 trillion, ¥286.1 billion and ¥452.5 billion, respectively.
By
TAKASHI MOCHIZUKI
Updated Feb. 4, 2016 9:58 p.m. ET
Toshiba Expects Biggest-Ever Yearly Net Loss of $6 Billion - WSJ
Toshiba plans to sell its loss-making personal computer and home appliance businesses
Toshiba Corp said it has reached an agreement with China-based Skyworth on the sale of PT Toshiba Consumer Products Indonesia, the company's manufacturing base for TVs and twin-tub washing machines.
The agreement will give Skyworth a license to use the Toshiba brand name in Asia, excluding China.
At the same time as the company transfers the TV manufacturing plant, it will close down the washing machines manufacturing unit located on the same site, and sell the land and the production facilities.
The company’s fragile business portfolio was exposed by last year’s accounting scandal
TOKYO— Toshiba Corp. said Thursday it would record the biggest annual loss in its 140-year-old history as the firm wrote down the book value of several units, including energy and infrastructure, while restructuring costs ballooned.
For the full fiscal year ending in March, Toshiba predicted it would record a net loss of ¥710 billion ($6 billion), larger than its previous ¥550 billion net-loss forecast in December. Revenue was left unchanged at ¥6.2 trillion and the operating loss was revised to ¥430 billion from ¥340 billion.
For the previous 12-month period, the electronics conglomerate posted a ¥37.8 billion net loss.
After an accounting scandal at Toshiba exposed the company’s fragile business portfolio last year, Chief Executive Masashi Muromachi began to implement across-the-board shake-ups, including cutting thousands of jobs and spinning off noncore businesses.
Toshiba plans to sell its loss-making personal computer and home appliance businesses, as well as its profitable medical arm to set aside cash for its core nuclear power plant and flash memory businesses.
For the three-month quarter ended in December, Toshiba reported a net loss of ¥516.7 billion, while its operating loss was ¥139 billion and revenue was ¥1.449 trillion.
In the same period a year earlier, Toshiba earned ¥1.61 trillion in revenue, ¥63.9 billion in operating profit and ¥54.6 billion in net profit.
The outcome was worse than a FactSet mean estimate of 15 analysts for ¥1.46 trillion in revenue, a ¥175.6 billion operating loss, and a ¥230.2 billion net loss. For the full fiscal year, the analysts forecast ¥6.23 trillion, ¥286.1 billion and ¥452.5 billion, respectively.
By
TAKASHI MOCHIZUKI
Updated Feb. 4, 2016 9:58 p.m. ET
Toshiba Expects Biggest-Ever Yearly Net Loss of $6 Billion - WSJ
Toshiba plans to sell its loss-making personal computer and home appliance businesses
Toshiba Corp said it has reached an agreement with China-based Skyworth on the sale of PT Toshiba Consumer Products Indonesia, the company's manufacturing base for TVs and twin-tub washing machines.
The agreement will give Skyworth a license to use the Toshiba brand name in Asia, excluding China.
At the same time as the company transfers the TV manufacturing plant, it will close down the washing machines manufacturing unit located on the same site, and sell the land and the production facilities.
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