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Toshiba shares slide on renewed earnings delay Toshiba looking to sell Westinghouse nuclear business
(about 4 hours later)
Shares in Japanese conglomerate Toshiba have fallen more than 7% as the firm asked to postpone reporting its earnings for a second time. Toshiba president Satoshi Tsunakawa has said the company may sell its majority stake in US nuclear unit Westinghouse.
In February, Toshiba's chairman stepped down and the firm delayed the results over disagreements with its auditors. The struggling electronics firm bought Westinghouse in 2015, but it has suffered huge cost over-runs.
Last month, the firm announced a 712.5bn yen ($6.3bn; £5bn) writedown due to some US nuclear assets being worth far less than estimated. Toshiba has also been given permission to delay reporting its earnings for a second time - this time until 11 April.
The situation has led some analysts to warn the company's future is at risk. Mr Tsunakawa said: "We are working on nurturing our growth businesses to return to stable growth by fiscal years 2018 and 2019."
The request for a second extension on filing its third-quarter earnings underscores the deepening woes for the troubled conglomerate. Shares in the company rallied late on Tuesday, closing up 0.5% after earlier losing nearly 9% of their value.
The extension still needs regulatory approval. Failure to obtain that will mean Toshiba has to submit earnings by 27 March or face delisting from the stock exchange. In February, Toshiba's chairman stepped down and the firm delayed publishing its results over disagreements with its auditors.
Last month, the firm announced a 712.5bn yen ($6.3bn; £5bn) writedown because some of its US nuclear assets were worth far less than estimated.
The situation has led some analysts to warn that the company's future may be at risk.
Nuclear lossesNuclear losses
While often still associated with its technology products, Toshiba has become a diverse conglomerate. Its nuclear services business brings in about a third of its revenue.While often still associated with its technology products, Toshiba has become a diverse conglomerate. Its nuclear services business brings in about a third of its revenue.
Yet that side of the business has not made a profit since 2013 and nuclear services globally are struggling since the Fukushima disaster in 2011. However, that side of the business has not made a profit since 2013 and nuclear services globally are struggling since the Fukushima disaster in 2011.
Toshiba had initially alerted investors in December 2016 that it faced a heavy one-off loss linked to a deal done by its US nuclear subsidiary, Westinghouse Electric. Toshiba had initially alerted investors in December 2016 that it faced a heavy one-off loss linked to a deal done by Westinghouse.
Assets that it took on are likely to be worth less than initially thought and there is also a dispute about payments that are due.Assets that it took on are likely to be worth less than initially thought and there is also a dispute about payments that are due.
Requesting permission for the new delay, Toshiba said some US senior managers had exerted "inappropriate pressure" in the accounting for an acquisition of a nuclear plant construction company. Requesting permission for the new delay to its results, Toshiba said some US senior managers had exerted "inappropriate pressure" in the way the acquisition of a nuclear plant construction company had been dealt with in its accounts.
Selling assetsSelling assets
Since the 16 December announcement, Toshiba shares have lost more than half of their value. Since December's announcement, Toshiba shares have lost more than half of their value.
To offset the upcoming writedown, Toshiba is also rushing to sell most or even all its prized memory chip business, which it values at at least $13bn. To offset the upcoming writedown, Toshiba is also rushing to sell most or even all its prized memory chip business, which it thinks is worth at least $13bn.
The company is the second largest chip maker in the world, behind Samsung. The company is the second largest chipmaker in the world, behind Samsung.
Toshiba is also still struggling to recover after it emerged in 2015 that profits had been overstated for seven years, prompting the chief executive to resign. Toshiba is also still struggling to recover from a scandal in 2015, when it emerged that profits had been overstated for seven years. The news prompted the chief executive to resign.