Struggling electrical giant Toshiba warned that the company’s future is at risk, as it filed its delayed financial results on Tuesday.
The company’s earnings for the third quarter had already been delayed twice, after facing a series of difficulties. The results published today showed a loss of 532 billion yen for the period between April and December, and came alongside a warning over Toshiba’s future.
“There are material events and conditions that raise substantial doubt about the company’s ability to continue as a going concern,” the company said in a statement.
Toshiba added that it had negative shareholders equity of 225.6 billion yen at the end of the period, although the earnings statement hadn’t been approved by the firm’s auditor PricewaterhouseCoopers Aarata. The move risks the possibility that Toshiba could be delisted from the Tokyo Stock Exchange.
Last month the company’s financial difficulties were exacerbated, with its US nuclear firm put into Chapter 11 bankruptcy in March. However earlier this week Taiwanese electronics manufacturer Foxconn said it may be willing to pay up to $27 billion for Toshiba’s computer chip business, which may help save Toshiba from ruin.
Toshiba (TYO:6502) is expected to hold a news conference later. Shares in the company are currently trading down 2.70 percent at 223.50 (1135GMT).