Monday, September 14, 2015

Toshiba Hit by Record Fine Over Scandal as Sales Slump




Toshiba has reported an operating 10.96 billion yen loss (80 million euros) from April to June, compared to a profit of 47.7 billion (350 million euros) the previous year.

Weak PC and TV sales are being blamed.

Last week Toshiba also published figures showing a net loss of around 280 million euros for the year to March.

The troubled Japanese conglomerate has also been ordered to pay a record fine over an accounting scandal.

The 91.2 million yen (660,000 euros) penalty was imposed by the Tokyo Stock Exchange.

The company apologised to investors and its president and vice-president resigned in July, after the multinational was found to have overstated profits for the past six years.

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Source: Euronews

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