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Toshiba predicts record $4.5bn loss

December 21, 2015 5:00 pm

Troubled Japanese conglomerate Toshiba has said it will report a record 550bn yen ($4.5bn) annual loss and cut 6,800 jobs as it carries out a restructuring.

The company, whose activities range from laptops to TVs to nuclear energy, is shedding the jobs in its consumer electronics division.

News of the predicted losses sent shares in Toshiba down by nearly 10%.

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The restructuring comes after Toshiba admitted earlier this year that it had overstated profits for six years.

The scandal led to the resignation of Toshiba’s president and vice-president. Masashi Muromachi took over as chief executive and president from previous president Hisao Tanaka.

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