Mubasher: Toshiba Corporation is expecting to record a net loss of nearly $1 billion this year after calculating taxes related to the sale of its prized chip unit, as reported by Reuters.

The company said on Monday that it now expects to slide to losses as it was being taxed on the basis of assets and liabilities of the transferred business at the time of the split.

The Japanese giant said that due to the tax impact, it is expecting a loss of JPY 110 billion ($970 million), instead of its previously forecast profit of JPY 230 billion.