Toshiba Corporation logs $317.7 million Net Loss in FY 2014

Tokyo, Sep 7: Japan’s Toshiba Corporation logged 37.83 billion yen (about $317.7 million) group net loss for the past fiscal year through March due to asset impairment charges and other losses, local media reported on Monday.

The high-tech giant had planned to release earnings on August 31, however, a serious of accounting irregularities forced it to postpone the results twice, Xinhua news agency reported. In fiscal 2013, it reported a net profit of 60.24 billion yen ($505.47 million).

Toshiba also saw operating profit down from the previous year, which decreased 33.7 percent to 170.4 billion yen, while sales up 2.6 percent to 6.66 trillion yen ($55.88 billion). The company did not give an earnings outlook for the current business year through next March.