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Toshiba expected to log huge loss www.nhk.or.jp
Japanese electronics giant Toshiba is expected to post a huge loss from its nuclear power operations in the United States.
Sources close to the matter say the loss came to light after Toshiba reviewed the value of the assets held by CB&I Stone & Webster, which its nuclear power subsidiary, Westinghouse, acquired in 2015.
They say the loss to the Toshiba group could reach 500 billion yen, or over 4.2 billion dollars.
The electronics giant has recently suffered a series of huge losses from its nuclear business in the US.
The company booked a loss of about 260 billion yen, or around 2.2 billion dollars, in fiscal 2015, after reviewing the value of Westinghouse's assets.
Toshiba has been concentrating its resources on its nuclear and semiconductor businesses as part of its turnaround efforts following an accounting scandal in 2015.
The latest development is likely to prompt Toshiba to take some radical steps, including raising capital.
Published Date:2016-12-27
