Toshiba troubles continue with new losses and falling sales
September 14, 2015, 7:58 pm   

Japan`s troubled Toshiba has posted a first-quarter net loss for the three months to June as sales fell to their lowest point in two and a half years.

The firm said in a statement that its net losses for the quarterly period were 12.3 billion yen ($102m; £66m).

It noted poor performances in its televisions, home appliances and personal computer businesses.

Last week, the Tokyo-based firm released a full-year net loss of $318m for the year to March 2015.

The full-year numbers had been delayed amid a recent accounting scandal.

In its first quarter results statement released on Monday, Toshiba said Japan`s domestic economy had not shown signs of acceleration because of sluggish performance by smaller businesses that depended on domestic demand.

It also said Japan as a whole was experiencing a decrease in consumer spending due to a decline in real incomes and exports.

`Careful`

Japan, which is the world`s third largest economy, last week announced a revised fall in private consumption to 0.7% from a previous estimate of 0.8%. The country relies on domestic consumption for about 60% of its economy.

Toshiba said it would not announce a forecast for its full-year to March 2016 figures at this point "as [it] continues to carefully evaluate the operational impacts of inappropriate accounting".

Toshiba`s president and vice-president resigned in July after an independent panel found the company had overstated profits for the past six years.

The panel said operating profits had been overstated by $1.22bn, roughly triple an initial estimate by Toshiba.

Toshiba has apologised to investors and has made attempts to avoid further accounting irregularities.

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