DHAKA: Troubled Japanese conglomerate Toshiba has posted a net loss of 37.8bn yen ($318m) for the year to March.

The delayed result follows the sale of its stake in Finnish firm Kone, in a bid to bolster its bottom line amid a recent accounting scandal.

The sale of the 4.6% stake in the lift manufacturer was worth $946.2m.

Toshiba’s president and vice-president resigned in July after an independent panel found the company had overstated profits for the past six years.

The panel said operating profits had been overstated by $1.22bn, roughly triple an initial estimate by Toshiba.

The company has apologized to investors and has made attempts to avoid further accounting irregularities.

The firm said in a statement that ‘while the US economy had lost some momentum... the UK had witnessed a strong performance and the eurozone had sustained a gradual recovery’.

It also said that despite China’s slowdown, solid growth had been seen in South East Asia and India, reports the BBC.

BDST: 1919 HRS, SEPT 07, 2015
RR