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MarketScreener Homepage  >  Equities  >  Tokyo  >  Toshiba Corp    6502   JP3592200004

TOSHIBA CORP (6502)
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Toshiba : unveils improper accounting practice at affiliate

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12/26/2017 | 11:03am CEST

Toshiba Corp. said Tuesday it has found improper accounting practices at its social infrastructure business affiliate in relation to electrical installation work.

Toshiba Infrastructure Systems & Solutions Corp. attributed expenses in connection with a money-losing project to another profitable business for four years through September 2017, with the total doctored costs amounting to 95 million yen ($838,000), Toshiba said.

The head of the affiliate that conducts electrical installation work ordered employees to cover up the losses, according to the Japanese conglomerate.

The malpractice came to light after a subcontractor consulted Toshiba over expenses. Toshiba said the announcement was late as an internal inspection took time.

Toshiba was hit by an accounting scandal in 2015 when it admitted that it had deliberately overstated profits for years.

==Kyodo

© Kyodo News International, Inc., source Newswire

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Financials (JPY)
Sales 2019 3 712 B
EBIT 2019 -
Net income 2019 1 042 B
Finance 2019 955 B
Yield 2019 -
P/E ratio 2019 1,89
P/E ratio 2020 12,05
EV / Sales 2019 0,33x
EV / Sales 2020 0,33x
Capitalization 2 178 B
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 374  JPY
Spread / Average Target 12%
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Managers
NameTitle
Nobuaki Kurumatani Chairman & Chief Executive Officer
Satoshi Tsunakawa President, Chief Operating Officer & Director
Masayoshi Hirata CFO, Director & Head-Finance Management
Hiroshi Yamamoto Chief Technology Officer
Shinichiro Akiba Director & Representative Executive Vice President
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