Japan's Sharp reports 1.3 bln dollar annual loss

Japanese electronics giant Sharp Corp. announced an annual net loss of 125.82 billion yen (1.3 billion dollars)
Japanese electronics giant Sharp Corp. announced an annual net loss of 125.82 billion yen (1.3 billion dollars), but forecast a return to profit in the current business year to March.

Japanese electronics giant Sharp Corp. announced an annual net loss of 1.3 billion dollars, its first ever, due to a slump in sales, but it forecast a return to profit this year.

Sharp logged a net loss of 125.82 billion yen (1.3 billion dollars) for the past business year to March, against a profit of 101.92 billion yen the previous year. Revenue dropped 16.7 percent to 2.85 trillion yen.

The company, which makes Aquos-brand flat-screen televisions, blamed the poor performance on weak sales, a stronger yen, severe price competition, restructuring costs and losses on investments.

But , which like other Japanese manufacturers has been badly hurt by the global , predicted a of 3.0 billion yen this year, helped by job cuts and production streamlining.

"In the worsening global economy there are some favorable factors heading towards a recovery, including the packages instituted by governments around the world, and the fact that the stock market appears to have hit bottom," the company said in a statement.

"However, as for the future outlook, we expect that the business environment will remain unpredictable and uncertain for a while."

(c) 2009 AFP


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Citation: Japan's Sharp reports 1.3 bln dollar annual loss (2009, April 27) retrieved 18 October 2021 from https://phys.org/news/2009-04-japan-sharp-bln-dollar-annual.html
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