Toshiba troubles deepen with falling profit and COO resignation

Toshiba has lurched from scandal to fiasco since at least 2015, when it had to pay the country’s largest penalty ever for falsifying financial statements. Pic: AP Photo/Shuji Kajiyama

Toshiba cut its full-year profit forecast and said its COO resigned after an investigation into his expenses, a pair of setbacks as the troubled electronics giant tries to extract favourable terms in privatisation talks.

The Japanese conglomerate said it now expects an operating profit of ¥95bn (€664m) in the year through March, down from a previous forecast of ¥125bn (€874m).