Toshiba says Westinghouse has grown more profitable since acquisition

TOKYO (Reuters) - A Toshiba Corp 6502.T executive said its Westinghouse nuclear business was more profitable today than when the Japanese conglomerate first acquired a majority stake, shrugging off suggestions that the deal weighed on its finances and led to improper accounting.

“Compared with the time of the acquisition, operating profit has expanded a great deal,” Keizo Maeda, executive vice president, told a news conference a day after an independent investigation reported that Toshiba overstated its operating profit by 151.8 billion yen ($1.22 billion) over several years.

Investors have long held concerns that the value of assets and goodwill related to Toshiba’s 87 percent stake in Westinghouse were overstated.

Reporting by Ritsuko Ando and Taiga Uranaka; Editing by Muralikumar Anantharaman