Toshiba seeks to postpone earnings release, will probe Westinghouse

Toshiba seeks to postpone earnings release, will probe Westinghouse

In July past year, Toshiba presented a nuclear business plan under which Westinghouse targeted orders to build at least 45 reactors outside Japan to generate average annual sales of about Yen 590 billion ($5.13 billion) between 2018 and 2029.

Westinghouse manufactures the AP1000 reactors that are to be used at a planned £10bn power station at Moorside in Cumbria, while the Japanese conglomerate has a 60% stake in NuGen, the company that was expected to build the facility.

Initially primed to reveal the mounting costs of the company's disastrous investment in the nuclear equipment business, the company has now left investors in the lurch in more ways than one.

The reported atomic power loss is related to problems with the value placed on a deal involving the purchase of a nuclear firm by Toshiba subsidiary Westinghouse Electric.

According to Toshiba, there were design changes and additional safety measures required to comply with aircraft crash protection in the plants' design, and design changes delayed the combined license's issuance until January 2012.

Shares in the firm have nearly halved since the end of December, when Toshiba first flagged huge losses in its atomic unit. "I apologize to shareholders, business partners and all stakeholders for the trouble we have caused", Mr. Tsunakawa said in a news conference at the company Tokyo headquarters.

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"The delay shows that the company is in a mess", said Makoto Kikuchi, chief executive of Myojo Asset Management.

The earnings results came after a chaotic afternoon, which began when the company missed its own deadline for announcing earnings.

It then got worse, as the Washington Post reports. Toshiba explained it received internal information about inadequate governance during the acquisition process of a United States nuclear construction company.

Toshiba has been struggling with its nuclear business as demands for nuclear power plants have slowed since the 2011 Fukushima nuclear disaster.

Toshiba's chip business, predominantly the manufacturing of NAND flash memory for Western Digital and others, is one of the few profitable businesses in Toshiba's portfolio.

Toshiba Corp has delayed its earnings release, including details of a multi-billion charge related to cost overruns at its USA nuclear arm. This deployment is running 2-3 years late, which may be part of why Toshiba is taking such heavy losses.