Toshiba shares tumbled in early trading Tuesday after news reports that the troubled industrial giant would again delay announcing its financial results.
The stock lost 6.1 percent to 201.8 yen in the first few minutes before rebounding slightly to 204.8 yen, still down 4.69 percent from the previous day.
Toshiba, reeling from huge losses at its US nuclear power unit, was to issue its April-December financial results on Tuesday, one month later than originally scheduled.
But Japanese media on Tuesday reported the group would push the announcement back again.
The delay stems from an investigation into the US subsidiary, Westinghouse Electric, the Nikkei business daily said.
The delay would "allow time for American and Japanese auditing firms to investigate reports of faulty internal controls at Westinghouse," the leading business daily said, without citing sources.
Toshiba president Satoshi Tsunakawa will hold a press conference on Tuesday, explaining the reasons for the repeated delay and future strategy to turn the group around, Jiji Press and other media said.
A company spokesman said he could not comment on the news reports.
On February 14, Toshiba only issued a grim preliminary earnings forecast, which prompted its chairman to resign as it hinted at a fresh accounting scandal.
Toshiba warned it was on track to report a net loss of 390 billion yen ($3.4 billion) in the current fiscal year to March, as it faced a huge writedown topping 700 billion yen at Westinghouse.
A whistleblower had complained that one or more Westinghouse executives exerted "inappropriate pressure" on the firm's accounting, Toshiba has said.
The revelation comes less than two years after Toshiba -- one of Japan's best-known firms which employs about 188,000 people globally -- was hammered by an embarrassing profit-padding scandal.
The Nikkei said Toshiba was expected to file a request with financial authorities for a deadline extension of a month or so.
Though the regional financial bureau intends to grant the request, it has expressed reservations over the length of the extension, the daily quoted an unnamed source as saying.
If the application is rejected, Toshiba will need to submit an earnings statement within eight business days, which would be on March 27, or face delisting.
AFP
Tue Mar 14 2017
Toshiba, reeling from huge losses at its US nuclear power unit, was to issue its April-December financial results on Tuesday, one month later than originally scheduled.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.