Toshiba post loss of £209m
This follows an accounting scandal the company have been dealing with, and the resignation of the Toshiba president and vice-president in July, after an independent panel found that the company had been overstating their profits for the past six years.
Tesco bosses will be sighing longingly at all this, thinking 'at least it isn't just us who have been doing this nonsense.'
This panel found that Toshiba's operating profits had been overegged by $1.22bn, which in layman's terms, is around triple an initial estimate by Toshiba. Imagine running a huge business like Toshiba and just making up numbers on the spreadsheet. Are all businesses this tin pot? Looks like it.
The company has apologised to investors and has been trying to sort out this mess ever since.
The firm said in statement that "while the US economy had lost some momentum ... the UK had witnessed a strong performance and the Eurozone had sustained a gradual recovery". However, Toshiba have had to deal with the economic slow down in China too, so they're not out of the woods yet.
TOPICS: High Street News