Toshiba Shares Jump on Auditor Sign-Off

Toshiba wins auditor sign-off likely avoiding delisting for now

Toshiba dodged a delisting from Japan's premier stock exchange as it posted long-delayed financial results yesterday, but it lost some $8.8bn in its last fiscal year over a sea of red ink at its United States nuclear unit Westinghouse Electric.

There had been growing worries that Toshiba might not make Thursday's deadline to supply financial statements for the year ending March as it had been at odds with auditors over multi-billion-dollar losses at Westinghouse.

Toshiba is in desperate need of covering its losses from its USA nuclear business. Toshiba has a history of being in existence for more than 140 years and this delisting would have worsened the condition for the company to raise cash for their memory chip business which is now suffering a huge cash crunch.

PwC Aarata gave an "adverse" statement on the company's internal controls, however, saying it had overlooked massive losses related to the company's now-bankrupt USA unit. It will face automatic delisting from the TSE unless it eliminates its negative net worth by next March.

Toshiba has met a deadline to report its long-awaited earnings results, reducing the risk that the firm will be delisted from the Tokyo Stock Exchange. Its operating income came in at 270 billion yen, also unchanged.

On the other hand, the spokeswoman said that an adverse opinion for Toshiba's corporate governance or even for its financial statement will not necessarily lead to delisting, either. This could put Toshiba back in jeopardy. PwC and Toshiba declined to comment.

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"It's true that issues related to antitrust laws are hard, it is difficult", Tsunakawa said.

Toshiba's memory business is its cash cow, and questions on whether Toshiba can maintain its competitiveness as a company after selling off the unit have been raised.

"The demand for [memory chips] is high at the moment", Tsunakawa said, "but it is a volatile market and we do not know if this will continue".

Toshiba is the world's second-largest chip manufacturer.

In June, the company picked a consortium of state-backed Innovation Network Corp. of Japan, the state-owned Development Bank of Japan, U.S. investment fund Bain Capital and South Korean chipmaker SK Hynix Inc.as the preferred bidder for Toshiba Memory.

Toshiba shares ended Thursday's trading up 0.68% at 292 yen.

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