Toshiba set to forecast a record annual loss of 500 billion yen: Nikkei

Tokyo: Toshiba Corp is expected to forecast a record net loss of more than 500 billion yen ($4.13 billion) for the year ending March on restructuring costs, Nikkei reported on its website on Saturday.

The company, whose businesses range from laptops to nuclear power, is in the throes of restructuring after revelations this year that it overstated earnings by $1.3 billion as far back as fiscal 2008.

Toshiba is expected to report 200 billion yen in restructuring costs as it plans to cut workforce at its consumer electronics businesses, the report said. Toshiba also sold its image sensor business to Sony Corp .

Toshiba is also expected to forecast more than 200 billion yen operating loss for the same period, compared with 170.4 billion yen operating profit a year earlier, Nikkei reported.

A Toshiba spokesperson was not immediately available for comment.

Download the all new Deccan Chronicle app for Android and iOS to stay up-to-date with latest headlines and news stories in politics, entertainment, sports, technology, business and much more from India and around the world.