The Japanese tech titan, Toshiba, has today released its twice delayed financial results, with the figures causing a lot of concern.
The financial results between April and December indicate a loss of gargantuan proportions, with the exact figure standing at 532bn Yen ((£3.8bn; $4.8bn). The results are subject to auditor approval, but if accurate, could see the former consumer electronics giant de-listed off the Tokyo Stock Exchange.
Auditors, PWC, refused to approve financial results, with Toshiba President Satoshi Tsunakawa showing his disappointment by saying the decision was “truly regrettable”. The unapproved results put the mere existence of Toshiba into question, with many predicting an impending collapse.
Formerly one the biggest names in tech, Toshiba has more recently been associated with controversy and scandal. In 2015, senior management saw a mass exodus when it was found that profits had been exaggerated by $1.2bn, over the last seven years.
Their woes were further compounded as their nuclear unit, Westinghouse, was placed into Chapter 11 bankruptcy in March this year. News of the financial mess at Westinghouse sent Toshiba’s share price into free-fall.
Toshiba could be given some help to solve their current financial situation, with Foxcon offering to by the Toshiba’s chip business for $27bn (£21.7bn).
Toshiba’s statement added: “At the present time, substantial doubt about the company’s ability to continue as a going concern exists as of the filing date of the quarterly report.”