Oct 23, 2017

Toshiba forecasts loss due to tax hit on chip sale

Toshiba expects to post a 110bn yen annual net loss due to the tax impact of the sale of its memory chip business. Toshiba needs to sell the business to cover billions in losses incurred at its US nuclear unit. In a statement on Monday, Toshiba also said it expects to post a net loss of 60bn yen in the six months to September 30, down from its previous forecast for a net profit of 140bn yen. Toshiba, originally known for its consumer electronics products, has faced a series of difficulties in recent years. To cover those losses, Toshiba agreed in September to sell its prized memory chip business for $18bn to the Bain-led consortium.

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