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Sharp logs April-December profit

AFP-JIJI

Sharp Corp. said Tuesday it swung back to profit for the nine months to December, thanks to stronger sales and cost-cutting.

The Osaka-based company booked a ¥17.7 billion net profit in the April-December period, reversing a whopping net loss of ¥424.3 billion a year earlier.

Sales jumped 21.0 percent to ¥2.16 trillion on brisk demand for panels, including its popular IGZO displays for mobile phones.

“We have also taken various measures on a companywide basis to improve our business foundations, including radical reductions in total costs and fixed costs centering on labor costs as well as capital investment,” it said.

Sharp revised upward its full-year sales forecast to ¥2.9 trillion from its earlier estimate of ¥2.7 trillion for the year to March. It also upgraded a full-year operating profit forecast to ¥100 billion from ¥80 billion projected earlier.

Hitachi more bullish

Kyodo

Hitachi Ltd. has raised its full-year group net profit forecast by ¥5 billion to ¥215 billion, the electronics maker said Tuesday.

Hitachi now expects an operating profit of ¥510 billion, up ¥10 billion from the previous estimate, and sales of ¥9.4 trillion, up ¥200 billion, on a consolidated basis for the year ending March 31.

In the nine months to Dec. 31, the company saw its group net profit more than double to ¥127.27 billion from ¥50.36 billion in the same period of the previous year.