Toshiba Revise Income 7 Years

Toshiba Corp. drastically reduce its earnings for the last 7 years, in an announcement that has been repeatedly delayed following the disclosure of a series of accounting irregularities.

Shortly after the market opening on Monday, Toshiba announced a net profit of ¥ 224.8 billion ($ 1.9 billion) for the fiscal year period ending in March 2009 to the 3rd quarter of fiscal year 2014 which ended in December. The figure is lower than previous publications.
The company also reported a net loss of ¥ 37.83 billion for the fiscal year ending March 2015, compared with a net profit of ¥ 60.24 billion recorded a year earlier.

The earnings release was delayed several times after the discovery of accounting irregularities further post-reshuffle of management and the board. This summer, 3 chief executive of Toshiba again resigned as CEO, vice chairman and adviser. Indeed, Japanese companies such as Toshiba with the fiscal year ending March reported annual earnings at the end of June.

An independent panel in July that the company had overstated profits over a period of 7 years.