Sharp shares up in Tokyo after positive profit report
AFPTOKYO -- Sharp shares jumped nearly 13 percent in Tokyo trading on Friday after a Japanese media report said the embattled electronics giant logged an operating profit in the last quarter of 2012.
January 12, 2013, 12:00 am TWN
Investors pounced on the mass-circulation Mainichi newspaper story, pushing Sharp's stock up 12.62 percent to 330 yen by the close, even after the struggling firm itself had previously raised doubts about its survival.
Like rivals Sony and Panasonic, Sharp has suffered a series of credit rating downgrades and warned it expects to lose about US$5.6 billion in the fiscal year to March.
The company saw a quarterly operating profit of about 20 billion yen (US$225 million), its first since the July-September quarter of 2011, the report said without citing sources.
The Mainichi did not say if Sharp would also report a net profit in the three months to December and the company denied the report, saying only that it would release quarterly earnings next month.
Sharp President Takashi Okuda told Japanese media earlier this week that sales have seen a year-on-year increase since September, without elaborating.
The Mainichi said the improved figures were largely due to a pick-up in demand for household appliances and liquid crystal display televisions, a sector where Sharp and other Japanese electronics firms have suffered in the face of stiff overseas competition and a surging yen.