TMCnet News

Sharp logs net profit in April-Sept. period for 1st time in 4 yrs
[October 31, 2014]

Sharp logs net profit in April-Sept. period for 1st time in 4 yrs


(Japan Economic Newswire Via Acquire Media NewsEdge) Sharp Corp. on Friday reported a group net profit of 4.74 billion yen in the April-September period, returning to the black on a half-year basis for the first time in four years as gains on securities sales helped offset costs stemming from restructuring its unprofitable European operations.



The net profit compares with a loss of 4.33 billion yen in the same period last year. The struggling electronics maker, however, saw its consolidated operating profit drop 13.6 percent from a year before to 29.22 billion yen, partly because demand for white goods was hit by the country's consumption tax hike in April.

Group sales fell 1.1 percent to 1.33 trillion yen.


For the full business year ending next March, Sharp maintained that it expects a consolidated net profit of 30 billion yen, up 159.5 percent from the previous year, and an operating profit of 100 billion yen, down 7.9 percent.

It revised downward its sales outlook to 2.9 trillion yen from the initially projected 3 trillion yen.

Sharp has been cutting costs and pulling out of unprofitable businesses after posting a record group net loss of 545.35 billion yen in fiscal 2012.

Sharp has closed its solar cell business in Europe and also announced in September that it signed agreements over licensing its brand to Slovakian and Turkish firms to make and sell home appliances in Europe.

In the latest earnings report, the company said it booked 5.7 billion yen in extraordinary losses as structural reform costs relating to its household appliance business in Europe.

(c) 2014 Kyodo News

[ Back To TMCnet.com's Homepage ]