Sharp loses record high ¥376 billion

Kyodo

Sharp Corp. said Friday it posted its largest-ever group net loss, of ¥376.08 billion, for the business year that ended in March, due mainly to a slump in its mainstay liquid crystal display business and solar battery operations.

The loss compares with a net profit of ¥19.40 billion in the previous year. The Osaka-based electronics maker also attributed the huge loss to charges to revamp its LCD business.

Sharp said its group operating loss came to ¥37.55 billion, against a profit of ¥78.90 billion the year before, on consolidated sales of ¥2.46 trillion, down 18.7 percent.

For the current business year from April, the company said it expects to remain in the red with a group net loss of ¥30 billion. It is projecting a group operating profit of ¥20 billion on sales of ¥2.7 trillion, up 9.9 percent.