Toshiba Posts 37.8 Million Yen Net Loss Amid Accounting Turmoil

Turbulent Japanese conglomerate Toshiba posted a net loss of 37.8 billion yen ($318 million) for the last 12 months to March 31, during the height of its recent accounting scandal.

The New York Times reported that Toshiba pledged a bold restructuring after reporting this net loss, which could mean it is rising above its $1.3 billion accounting scandal. Toshiba plans to revamp its 11-member board to improve corporate governance.

The accounting fiasco postponed the submission of Toshiba's books twice. But now that it has submitted its books, it calmed the investors that Toshiba could have delisted if it missed the last filing deadline.

Shares in Toshiba increased 1.8% Monday, but the company is still down by 30% since April, when its accounting woes were revealed. IwaiCosmo Securities Company's senior analyst Hiroyasu Nishikawa said, "Toshiba is still facing a number of daunting issues, such as what to do with its unprofitable PC and TV business." Plus the shareholder lawsuits could cause the accounting troubles to persist.

According to International Business Times, Toshiba's president and vice president resigned July after a third party panel found that the company had overstated its income by 155.2 billion yen, since the global financial crisis in 2008.

BBC reports that the delay of the profit report comes after Toshiba sold its 4.6% stake in the Finnish firm Kone worth $946.2 million. This move is a strategy to lift its bottom line amid the accounting turbulence. It plans to restructure, regain the broken trust, and put the past behind.

In a statement, Toshiba said, "while the US economy had lost some momentum... the UK had witnessed a strong performance and the eurozone had sustained a gradual recovery."

Toshiba also states that it sees solid growth in South East Asia and India amid China's economic slowdown. It also announced that it has no reason to report the value of its US nuclear operation.