• Kyodo

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Sharp Corp. on Friday upgraded its earnings outlook for the year through March on a decline in sales-related costs, forecasting a group operating profit of ¥47.4 billion ($418 million).

That is up from the revised projection of ¥37.3 billion announced on Feb. 3.

Sharp, in the process of restructuring under Taiwan’s Hon Hai Precision Industry Co., expects to remain in the red on a net basis for the third straight year.

However, it now projects a net loss of ¥27.1 billion, rather than ¥37.2 billion. The Japanese electronics firm projects sales of ¥2.05 trillion, unchanged from its previous projection.

The Osaka-based company had just revised upward its earnings forecasts for the year through March 31 due to positive effects from cost cuts made with Hon Hai.

Hon Hai completed its takeover of Sharp last August with an investment of ¥388.8 billion. Sharp became Japan’s first major electronics-maker to come under foreign ownership after suffering massive losses, hit by faltering demand for its smartphone display panels.

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