Tech giant posts $318 million loss in wake of accounting saga

13:32 - 08 September 2015

Toshiba is one of the largest tech conglomerates in the world

The 140-year old company said that its annual loss for the year to March 2015 would be JPY 37.8 billion, reversed from a previously expected JPY 120 billion annual profit.

Crisis-ridden Japanese tech giant Toshiba said on Monday that it would book a $318 million loss for its latest fiscal year in the aftermath of the billion dollar profit-padding scandal.

The 140-year old company said that its annual loss for the year to March 2015 would be JPY 37.8 billion, reversed from a previously expected JPY 120 billion annual profit.

READ: Company's chief executive resigns over $1.2bn profit scandal

The company left the previously announced JPY 170 billion operating profit on sales of JPY 6.65 trillion unchanged for its latest fiscal year.

The company also said it could not supply forecasts for the current year to March 2016.

The announcement seemed to have cheered investors with a sense of closure due to the long running scandal. Toshiba’s Tokyo-listed shares jumped 3.17 percent to JPY 357.6 in morning trade, according to Gadgets NDTV.