Toshiba likely to miss quarterly earnings deadline: Sources

Toshiba

Toshiba Corp will likely miss a third deadline to report its quarterly business results, two sources told Reuters, forcing the Japanese conglomerate to ask for a fresh extension or face a possible delisting from the Tokyo Stock Exchange.

A third postponement of the October-December earnings, past the latest deadline of April 11, looks necessary because Toshiba’s auditor, PricewaterhouseCoopers Aarata LLC, has questions about results for the business year through March 2016, said the sources. One of the sources has direct knowledge of the delay and the other was briefed on the matter.

Toshiba also may not be able to decide the favoured bidder or group for its semiconductor business by its general shareholder meeting in late June, said another person with direct knowledge of the matter. He had previously said the decision would be made in May, or at least before the shareholder meeting.

Toshiba and PwC officials could not be reached for comment in Tokyo outside business hours.

The Japanese conglomerate, which only recently emerged from a huge accounting scandal, has been dragged down by billions of dollars of cost overruns at its former U.S. nuclear unit, Westinghouse Electric Co.

Disagreements with auditors forced the company to postpone its earnings release in February and again in March. After April 11, Toshiba will have eight working days to publish its results for the three months that ended Dec. 31 unless it can persuade regulators at the Ministry of Finance to give it more time. (READ MORE)

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