Toshiba estimates bigger loss for past year on Westinghouse, lawsuits

Toshiba Corp has estimated a bigger loss for the past year due to potential legal damages over US$ 1.3 billion (S$1.8 billion).
Toshiba Corp has estimated a bigger loss for the past year due to potential legal damages over US$ 1.3 billion (S$1.8 billion). PHOTO: AFP

TOKYO (REUTERS) - Toshiba Corp said on Friday it now estimates a bigger loss for the past year ended in March due to potential legal damages over a US$1.3 billion (S$1.8 billion) accounting scandal as well as an increase in liabilities at its now-bankrupt United States nuclear unit.

The ailing industrial conglomerate said it expects to post a net loss of 995.2 billion yen (S$12.4 billion), worse than its previous estimate of 950 billion yen.

It said negative shareholder equity at end-March was likely 581.6 billion yen, bigger than a previously estimated 540 billion yen.

It also said that it had received approval from regulators for an extension to file its annual earnings. The new deadline is Aug. 10.