Toshiba delays results again citing US nuclear unit

Tokyo: Toshiba delayed the release of its long-overdue earnings again on Friday, with the troubled conglomerate saying it needed more time to finish accounting work at its loss-hit US nuclear unit Westinghouse Electric (WEC). The latest in a string of delays comes amid doubt about the future of one of Japan’s best-known firms, which is grappling with claims of financial misconduct at the atomic unit. Westinghouse is now sitting in bankruptcy protection. Toshiba twice postponed nine-month earnings before it released unaudited results in April, and warned last month it likely lost 950 billion yen ($8.6 million) in the fiscal year that ended in March. On Friday, it slightly revised down its annual loss estimate to 995.2 billion yen. Toshiba had been facing a deadline for the end of June to file its audited annual results with Japan’s finance ministry, or face a possible delisting from the Tokyo stock exchange. — AFP