Toshiba Reports $318m Net Loss
John Williamson / 4 years ago
Toshiba’s fiscal performance from the year start to March has finally been revealed and recorded a net loss of $318 million. The delayed result was caused by the sale of its investment in Finnish firm, Kone to try to recoup financial confidence after senior management figures overstated profits by an estimated $1.22 billion. Despite the rather worrying financials, Toshiba is bullish about the future and released a statement which said:
“While the US economy had lost some momentum in the second half of FY2014, the UK had witnessed a strong performance and the Eurozone had sustained a gradual recovery”.
“Despite a slowdown in China, the emerging economies as a whole saw a continued gradual recovery, reflecting solid growth in South-east Asia and India”.
Consumer confidence in Toshiba is quite low after the profits scandal and the company looks to the long-term to restore faith in their management and product line. It’s too early to say what the future holds, but there’s no reason to begin writing Toshiba off just yet. It’s extremely possible that this downturn could be reversed but then again, investors are always concerned about losses or mismanagement. Hopefully, the company can work towards a prosperous future through innovation and products which offer customers real value-for-money.
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