Toshiba says to mark down reported profit for three years

Reuters News
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Posted: May 13, 2015 7:50 PM

TOKYO (Reuters) - Japan's Toshiba Corp warned it was likely to mark down its reported operating profit for the three fiscal years through March 2014 by a total of at least 50 billion yen ($419.43 million) after an investigation into accounting irregularities.

The announcement late on Wednesday soothed investors' fears the probe could lead to a major scandal, and helped push up Toshiba's American Depositary Receipts (ADRs) 12 percent overnight.

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Toshiba had delayed its quarterly earnings announcement and canceled a year-end dividend due to the probe, launched last month and extended last week. 

(Reporting by Ritsuko Ando)