The company’s £29.4m loss was attributed to the ongoing global chip shortage and to rising costs which were only partly offset by rising prices.
Speaking to analysts Toshiba’s chief finance head, Masayoshi Hirata said that the company had, “been able to offset only about half the impact of higher materials and logistic costs with price hikes.”
The news came as Toshiba also revealed that its current boss, Satoshi Tsunakawa, had stepped down.
No explanation has been given for his decision, but he had been responsible for the proposal, made earlier this year, to split the company up into three sperate groups in a bid to release more shareholder value.
The plan, however, was rejected and Toshiba is now looking at splitting itself into two.
All of which raises the prospect that the company could ultimately be acquired by one of a number of private equity groups said to have been looking to make a bid for the under-performing giant following the failed break-up of the business.
It’ll be interesting to see if anyone does make a move for this stumbling giant.
