Shares in Japan’s Toshiba Corp. plunged as much as 9% after it missed releasing earnings on time on Tuesday and didn’t clarify when it planned would provide them.
The beleaguered company, which warned of possible writedowns in December at its nuclear power business, was slated to release its nine-months and third quarter results at noon, Japan time (2pm AEDT), today. However it said the report has not yet become available.
The Nikkei newspaper said earlier the company will warn it may not be able to continue as a going concern when it reports earnings, suggesting Toshiba may post a net loss in the 400 billion yen ($AU4.5 bn) range, which is likely wipe out all shareholder equity.
The conglomerate, with interests in everything from nuclear power to home appliances, warned in December that the writedown at the nuclear unit could reach several billion dollars. That led to a share fall wiping out more than US$7 billion in market value.
This isn’t the first time Toshiba hasn’t released results on time. It twice delayed planned earnings releases in 2015 as it wrestled with the fallout from a US$1.3 billion accounting scandal.
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