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May 23, 2017

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Japan's Sharp in the red, but feels confident about company's future

TOKYO--Sharp said Friday it lost US$17.4 million in the three months to June, but was still on track to book a full-year profit as it tries to move past years of record losses.

The Osaka-based company's results came a day after rivals Sony and Panasonic reported profits in the latest quarter.

The trio of firms ushered in huge restructuring plans to climb out of the red after the sector was battered by fierce competition from lower-cost rivals and huge losses in the television business due to a shrinking domestic market.

A sharp drop in the yen since late 2012 has offered a lifeline by inflating the value of profits repatriated from overseas, with the firms launching painful overhauls to slim down their vast operations.

On Friday, Sharp said it lost 1.79 billion yen (US$17.4 million) in the quarter through March, well down from a 17.98 billion yen shortfall a year ago, which it said was largely due to one-time factors.

The company — a key Apple supplier that is a leader in screens for smartphones and tablets — was profitable on the operational side and said it was still on track to earn 30 billion yen in the current fiscal year.

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