Toshiba to take $6.3 billion hit on United States nuclear unit

Following close of trading, the company did release unaudited numbers, stating that these projections could change 'by a wide margin.' The company expects a group net loss of 500 billion yen ($4.4 billion) for April-December of previous year, including the 712.5 billion yen hit from its nuclear business.

In April-December 2015, Toshiba reported a 479 billion yen net loss due largely to the disclosure of an embarrassing profit-padding scandal, in which bosses for years systematically pushed subordinates to cover up weak financial results.

The chairman of Toshiba, Shigenori Shiga, also resigned, reportedly to "take responsibility for the losses", according to the Post.

Westinghouse acquired CB&I Stone & Webster, a USA nuclear plant construction firm at the heart of the massive write-down problem, in late 2015. Toshiba explained it received internal information about inadequate governance during the acquisition process of a USA nuclear construction company. The company is also expected to explain the cause of the losses, measures to avoid similar events and plans to rebuild its nuclear business.

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Toshiba is conducting an "additional investigation into the existence of any inappropriate pressure. and on any impact on the financial statement if there was any", the company said.

It also ended 2016 with negative shareholder equity due to the 712.5 billion yen nuclear writedown - a charge that was first flagged in December past year.

There were signs of a turnaround last year, Toshiba reported earnings of 115 billion yen ($977 million) through the first six months of its 2016 financial year.

Shiga, who oversaw the nuclear power operations, will step down from his position as of February 15 and become an executive officer without the right of representation, according to the company.

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Japan's nuclear sector was thrown into crisis after multiple meltdowns of reactors at a power plant in Fukushima prefecture triggered by the March 2011 natural disaster and tsunami.

The threat to the industrial giant, which produces a range of products from consumer electronics to nuclear power, casts doubt on the project to build a new nuclear reactor in Moorside, Cumbria.

Toshiba said it would withdraw from nuclear plant construction overseas.

If Toshiba's liabilities exceed its assets at the end of the current fiscal year, it will be demoted to the second section of the Tokyo stock exchange, a move that could make it harder to secure money from banks and other lenders.

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