Japan's Toshiba booked a net loss for the past financial year and pledged to improve governance with a revamped board of directors, raising hopes it was finally moving beyond a $1.3 billion accounting scandal.
The submission of its books, twice postponed due to its accounting woes, helped to allay concerns among some investors that the laptops-to-nuclear power conglomerate risked a delisting if it had missed its latest filing deadline.
Shares in Toshiba jumped 4.9 percent by the end of morning trade, but they have lost nearly 30 percent since its accounting issues were disclosed in early April. Analysts also noted the company still had to tackle deeply rooted problems.
"Toshiba is still facing a number of daunting issues, such as what to do with its unprofitable PC and TV businesses," said Hiroyasu Nishikawa, a senior analyst at IwaiCosmo Securities, adding that its accounting woes were set to drag on due to shareholder lawsuits.
For the past financial year, it reported a 37.8 billion yen ($318 million) net loss. It had at one time expected a 120 billion yen net profit before pulling that estimate in May when it announced the accounting probe was being expanded.
All in all, Toshiba said it had overstated profits going back to fiscal 2008/09 by 155 billion yen ($1.3 billion).
The accounting probe found in July that Toshiba suffered from dysfunctions in governance and a culture of discouraging employees from questioning their superiors, prompting the company's CEO and several other board members to step down.