Toshiba (TYO:6502) delayed reporting its annual fiscal earnings again, filing for a week extension from the previously set deadline of August 31st as it continues to wrestle with an internal accounting scandal.
The company apologized for the delay in a press release and rescheduled with a new date of September 7th.
The delay was a result of newly uncovered problems, including financial reporting issues from both Japanese and international subsidiaries that required auditing and an independent audit of a U.S. subsidiary, according to a press release.
Toshiba originally extended the deadline in late May due to an independent investigation panel that found that top executives were involved in improper practices that extended across virtually all business areas of the semiconductor-to-nuclear conglomerate.
In July, the panel found that former CEO Hisao Tanaka had known about the company inflating its profits by $1.2 billion over several years. Tanaka and other Toshiba execs resigned in response to the scandal.
Earlier this month, a Nikkei Business daily report suggested Toshiba will report earnings in the red for the last fiscal year. The company originally projected a profit of $964 million (¥120 billion) for the fiscal year, but withdrew the expectations in May and has delayed its earnings announcement.
Last month, Toshiba said it would cut its interim CEO Masahi Muromachi’s pay by 90% for 2 months following the accounting investigation.
The post Toshiba delays annual report by a week appeared first on MassDevice.
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