Japanese electronics maker Sharp Corp. said Friday it expects to incur a group operating loss of ¥30 billion for the current business year through March, the first full-year loss since it began releasing earnings results on an operating level in 1953.
The projected loss, blamed on sluggish demand and falling prices amid the global economic downturn, compares with its October forecast of ¥130 billion in operating profit and a year-earlier profit of ¥183.69 billion.
In the face of the outlook, Sharp said it will cut 1,500 nonregular workers when their contracts expire and cut executives' monthly pay between 5 percent to 30 percent for seven months starting next month. It will also not pay a summer bonus in June, leading to a 30 percent to 50 percent wage cut in annual terms.