Toshiba has averted delisting

Japan Toshiba Logo in Tokio

In late 2016, billions of dollars in losses at its United States nuclear unit Westinghouse were first revealed.

The company was demoted from the first tier of the exchange in June after confirming its liabilities outweighed its assets. The result represented a leap from the 16.3 billion yen of a year earlier, allowing Toshiba to raise its full-year earnings outlook. Overall the dissolved Westinghouse division incurred a total loss of 1.394 trillion yen, or $12.76 billion, during the fiscal year due to the discontinued operation of the branch.

PwC said some Westinghouse-related losses booked in the business year through March 2017 should have been recorded in the previous year.

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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. Toshiba shares carry a special warning from the TSE for inadequate internal controls, and delisting would have grown more likely had PwC Aarata rejected the fiscal 2016 report outright, or issued a disclaimer of opinion indicating it did not receive enough information or cooperation to approve or deny its veracity.

"Our earnings have now been normalized", Toshiba president Satoshi Tsunakawa told reporters. If it can not do so, it faces automatic delisting.

The company said it had a net loss of 965.7 billion yen ($8.8 billion) for the fiscal year ended March 31 but said it would swing back to profitability in the current fiscal year.

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Toshiba has been trying to sell off its flash memory unit to escape its negative net worth trap, but progress has been stalled for weeks now.

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. PwC took over as Toshiba's auditor in June a year ago. "But I am confident we can conclude a deal before the end of March 2018, and will do whatever necessary toward that goal". "This is one of the reasons we chose to sell [the memory unit]". Toshiba shares have been on an upward trajectory, rising 9.4% between August 1, when the listing was dropped to the TSE's second section, and Wednesday.

That has unnerved Toshiba's preferred bidder group, a consortium including Japanese government-backed funds, private equity firm Bain Capital LP and South Korean chip maker SK Hynix Inc.

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