Toshiba expected to report net loss for fiscal year

Toshiba Medical Systems (TYO:6502) is slated to report earnings in the red for the last fiscal year, according to a Nikkei business daily report.

The company had 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.

The company is also expected to revise down its 2011 to 2012 earnings as a result of an investigation into the company’s accounting practices, according to the Nikkei business daily.

The news comes along with a slated $804 million (¥100 billion) in impairment charges Toshiba is saddled with in relation to weakness in its Westinghouse nuclear business, semiconductor and appliance units, according to the Nikkei.

In July, an independent panel indicated that former CEO Hisao Tanaka knew about the company inflating its profits by $1.2 billion over several years. Tanaka and other Toshiba execs resigned in response to the scandal.

Last month, Toshiba said it would cut its interim CEO Masahi Muromachi’s pay by 90% for 2 months following the accounting investigation.

Content from Reuters was used in this article.

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