Toshiba to discuss restructuring steps on Monday

Toshiba said it expected a 550 billion yen ($4.5 billion) net loss for the fiscal year to March, from a small loss a year earlier.

Consolidated sales are projected at ¥6.2 trillion, down from the previous year’s ¥6,655,894 million.

Toshiba is narrowing the scope of its business lines after filing false financial statements, partly to hide the waning performance of its personal computer operations, a mainstay within the electronics and power equipment maker’s consumer brands.

At the same time as the company transfers the TV manufacturing plant, it will close down the washing machines manufacturing unit located on the same site, and sell the land and the production facilities.

Through these changes the Lifestyle segment will reduce its headcount by 6’800 employees, about 30 % of its global total, by the end of March next year.

Toshiba has also said it is considering combining its PC operations with those of Fujitsu Ltd and Sony Corp spinoff Vaio.

The scandal led to the resignation of Toshiba’s president and vice-president.

“We admit our steps toward restructuring were behind the curve”, Mr. Muromachi said at a news conference. It is also looking for investors for its healthcare business.

For the current financial year, for example, Toshiba anticipates losses in all of its divisions excluding its healthcare business.

Toshiba is promoting structural reforms in the wake of its high-profile accounting fraud, which came to light earlier this year.

The Nikkei had dived more than two percent on Friday due to weak oil prices and disappointment with the Bank of Japan s unexpected tweaks to its stimulus programme.

In a punishing effort to keep the company afloat, Toshiba executives have revealed plans to shed businesses, streamline corporate practices and bring down operating costs. Toshiba flash-memory chips are widely used in smartphones, but profits have shrunk recently amid greater competition.

Toshiba said it would aim for growth at its semiconductor and energy businesses.