Tokyo, Japan (BBN) – Troubled Japanese conglomerate Toshiba has posted a net loss of 37.8bn yen ($318m; £209.3m) for the year to March.

The delayed result follows the sale of its stake in Finnish firm Kone, done in a bid to bolster its bottom line amid a recent accounting scandal, reports BBC.

The sale of the 4.6 per cent stake in the elevator-maker was worth $946.2m.

Toshiba’s president and vice-president resigned in July after an independent panel found the company had overstated profits for the past six years.

The panel said operating profits had been overstated by $1.22bn, roughly triple an initial estimate by Toshiba.

The company has apologised to investors and has made attempts to avoid further accounting irregularities.

The firm said in statement that “while the US economy had lost some momentum … the UK had witnessed a strong performance and the Eurozone had sustained a gradual recovery”.

It also said despite China’s slowdown, solid growth had been seen in South East Asia and India.

The full-year results posted on Monday had been delayed twice.

Shares rose on the results news by as much as 3.5 per cent.