Sharp Corp. said on Monday it could revise downward its profit forecasts for the current business year through March, given the weakening yen and fierce price competition in display panels for TVs and smartphones.

The struggling electronics-maker said in a statement that its consolidated earnings for fiscal 2014 are "expected to fall below our forecasts," adding that it is "considering revising the forecasts."

Sources close to the matter said Sharp could post a group net loss for the business year, pushing the ailing firm back into the red. It had forecast a net profit of ¥30 billion.