Sharp Corp. on Thursday announced a massive net loss for the third time in four years but vowed to turn around its fortunes within two.
The struggling Osaka-based electronics maker announced restructuring measures that will see it reduce its capital from around ¥120 billion to just ¥500 million to cover losses, and shed 3,500 jobs in Japan.
Sharp posted a ¥222 billion loss for fiscal 2014, which ended March 31, citing the burden of its lagging liquid crystal panel business and mounting restructuring costs.