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Toshiba revises earnings, plans to cut capital base in half

Staff writer |
Toshiba has corrected fiscal 2015 earnings results released earlier in the month, as the industrial conglomerate reviewed its calculations of losses from its nuclear power business.

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Toshiba, hit by an accounting scandal that surfaced roughly a year ago, also announced it will more than halve its capital base to ¥200 billion ($1.8 billion) from ¥439.9 billion as of the end of March to improve its financial standing.

The change will take effect July 31 after a general shareholders’ meeting in June, Toshiba said. The planned capital reduction will help Toshiba to cover its accumulated losses and pay dividends in the future.

For the business year that ended March 31, Toshiba’s group net loss stood at ¥460.01 billion, narrower than the initially reported ¥483.23 billion.

Its consolidated operating loss was also revised to ¥708.74 billion, rather than ¥719.13 billion, on sales of ¥5.669 trillion, down from ¥5.670 trillion.

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