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Toshiba slashes earnings for past 7 years

Staff writer |
Toshiba Corp. reduced its earnings for the past seven years Monday, in an announcement that had been repeatedly delayed following a series of disclosures of accounting irregularities.

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Soon after the market opened, Toshiba said that for the period from the fiscal year ending March 2009 until the third quarter of fiscal 2014 ending in December, its net profits were a total of Yen224.8 billion ($1.9 billion) lower than previously stated.

The company also reported a net loss of Yen37.83 billion for the fiscal year ended March 2015, compared with Yen60.24 billion net profit a year earlier.

The release of the earnings followed an additional delay after the company said last week it had found further accounting irregularities after reshuffling its management and board this summer.

After originally forecasting a net profit of Yen120 billion for the last fiscal year, the company reversed its guidance to a loss, and delayed the results when the accounting problems came to light earlier this year.

An independent panel said in July the company had overstated profits over a seven-year period.

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