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Toshiba reports long-delayed earnings, posts $8.8 bn loss

TOKYO, Aug 10, 2017 (BSS/AFP) - Toshiba on Thursday met a deadline to report its long-delayed financial results, saying it lost around $8.8 billion in the last fiscal year over its hard-hit US nuclear unit Westinghouse Electric.

The move by one of Japan's best-known firms greatly reduces the chance of an embarrassing delisting from the Tokyo Stock Exchange (TSE).

But the company is still on shaky ground as it struggles to sell off its prized memory chip business that is seen as key to its turnaround.

There were growing worries that Toshiba may not make Thursday's deadline to supply financial statements for the fiscal year ended in March, as it was at odds with its auditor over multi-billion dollar losses at Westinghouse.

The auditor, PricewaterhouseCoopers Aarata, issued a qualified opinion on Toshiba's statements, reportedly saying they were "mostly appropriate".

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.

Earlier this month, the shares were demoted from the prestigious first section of the Tokyo Stock Exchange over inadequate internal controls.

Toshiba still needs to get itself out of a negative net worth to avoid being delisted.

The massive losses at Westinghouse -- largely owing to delays and cost overruns -- have raised doubts about the future of Toshiba, which is still recovering from a 2015 accounting scandal.