Japanese conglomerate Toshiba reported a twofold increase in losses, which were the highest in the company's history. However, the manufacturer hopes to return to profit this year.

As a result of the 12-month period ended March 31, 2017, Toshiba's net loss was a record 950 billion yen (8.4 billion dollars) vs. 460 billion yen (4.1 billion dollars) in cash losses a year earlier.

At the end of 2016, Toshiba warned of writing off several billion dollars in a subsidiary of Westinghouse Electric (working in the field of nuclear power) due to overexpenditures in some projects in the US.

Major write-offs led to the fact that Toshiba's own capital, which after the accounting scandal was reduced to only $ 3 billion, was completely negative by the end of last year. This threatens the company's departure from the Tokyo Stock Exchange and financial problems. Toshiba President Satoshi Tsunakawa (Satoshi Tsunakawa) said that the company will do everything possible to avoid excluding shares from stock trading.

According to Toshiba, by the end of March 2017 the company's own capital remained deeply negative - at 540 billion yen (4.8 billion dollars).

In Toshiba clarify that the published financial indicators are a forecast, and not the final results, because they were not approved by the auditors.

In the current fiscal year, Toshiba forecasts a net profit of 50 billion yen ($ 440 million). This figure does not include the expected revenues from the planned sale of the semiconductor business and the controlled Swiss manufacturer of Landis + Gyr counters. Due to these assets Toshiba expects to get out of the financial crisis, said "Reuters".

Meanwhile, Toshiba announced plans to transfer a number of its assets in the field of corporate communications of the Canadian company Mitel. The financial side of the transaction is not disclosed.

As for semiconductor assets, Toshiba originally planned to conclude a deal and raise funds by the end of March 2017, but now other terms are called - June. The corporation was going to sell a small part of the business of releasing memory chips, but then agreed to sell the controlling stake because of big financial problems.