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Toshiba Reports Loss With Auditor's Qualified Endorsement

  • Books record $8.8 billion loss after nuclear-unit writedown
  • Forecasts return to profit in the current fiscal year
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Mark Newman, senior research analyst at Sanford C. Bernstein, discusses Toshiba submitting 'qualified' earnings and what it means for the company and for investors. He speaks on 'Bloomberg Markets: Asia.' (Source: Bloomberg)

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Toshiba Corp.’s auditors signed off on its full-year earnings, offering some temporary relief as the Japanese company struggles to stabilize after an accounting scandal, massive writedowns and a legal spat that threatens to delay the sale of its chips business.

The industrial and consumer electronics maker reported a 965.7 billion yen ($8.8 billion) net loss for the year ended March 31, it said in a statement. That compares with a 977.4 billion yen loss average of analysts’ estimates and the Tokyo-based company’s own outlook of as much as 1.01 trillion yen. Toshiba forecast a 230 billion yen in net income for the current fiscal year.