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Nuclear write-down leaves Toshiba with $3.5 billion loss

Staff Writer |
Toshiba probably suffered a group net loss of about 400 billion yen ($3.52 billion) in the nine months through December, Nikkei reported.

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The loss is largely due to a goodwill impairment of around 600 billion yen on a U.S. nuclear unit that came to light in late 2016.

During the year-earlier period, Toshiba lost a similarly significant 479.4 billion yen.

The company hopes to keep the amount it owes from exceeding the value of its assets for the full year through March by selling part of its chip operations and taking other measures.

The loss comes from the write-down of goodwill of CB&I Stone & Webster, a U.S.-based nuclear plant builder Toshiba acquired through U.S. subsidiary Westinghouse Electric in late 2015. Dwindling global demand for nuclear power and poor project

management have pushed up labor and materials costs at the company to levels far exceeding initial estimates.

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