The situation has led some analysts to warn the company’s future is at risk. The company said it expected to take a 712.5 billion yen ($6.3bn, £5bn) writedown at its US nuclear business. Earlier Toshiba had delayed issuing its results, but it then said it was set to report a net loss of 390bn yen ($3.4bn) in the year to March 2017. Toshiba chairman Shigenori Shiga has resigned, hours after the Japanese conglomerate revealed details of a multi-billion dollar loss. ![]() Having completed the review of overseas nuclear operations, the company said it will seek to “exclude risk inherent on construction work and focus on equipment supply and engineering” in future. Toshiba has now revealed the value of the impairment at ¥720 billion ($6.3 billion or £5 billion). The group said it expected to take a write-down amounting “several billion” dollars relating to the acquisition of a US nuclear construction business by its subsidiary Westinghouse. The fate of Moorside has been unclear since Toshiba announced earlier this year that it was reviewing its overseas nuclear activities in the midst of a financial meltdown. ![]() The Japanese conglomerate said it will seek to sell off shares in the project “as planned from the beginning” as it reported its preliminary financial results for the third quarter of 2016. Toshiba will “consider” a continued role in the development of the beleaguered Moorside nuclear plant in Cumbria, so long as it can avoid any involvement in construction.
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