Toshiba reports 950 billion yen loss in fiscal 2016
Massive losses as Westinghouse nuclear unit files for bankruptcy
ALEXANDER MARTIN, Nikkei staff writer
TOKYO -- Toshiba on Monday released its unaudited full-year earnings estimates for fiscal 2016, which saw it post a net loss of 950 billion yen ($8.3 billion).
The ailing electronics maker said its net loss widened by 490 billion yen from the previous year as it booked losses stemming from its U.S. nuclear unit Westinghouse Electric filing for Chapter 11 bankruptcy. It said it expected to post revenue of 4.87 trillion yen in the year ended March 31, 2017, compared with 5.15 trillion yen the year before, and operating profit of 270 billion yen from an operating loss of 483 billion yen the year before.