Toshiba may revise down past profits by $553 million

Toshiba may revise down past profits by $553 million

TOKYO - Toshiba said Wednesday that it will likely restate operating profits for the three years through fiscal 2013, slashing the figures by a combined 50 billion yen (S$553 million, US$414 million), as a result of a probe into accounting irregularities.

The discrepancy equals nearly 10 per cent of total operating profit over the period, which came to 691.7 billion yen. It apparently underestimated material costs for projects undertaken by three business segments, which also resulted in associated losses.

This is the first time the Tokyo-based electrical machinery maker has disclosed specific numbers resulting from the investigation.

Toshiba plans to launch an external committee made up of independent experts this week, widening the scope of the probe to other business segments and subsidiaries. The company will comb expense and reserve records for any irregularities.

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