Business / Corporate

Sharp cuts fiscal 2018 sales outlook to ¥2.5 trillion due to China-U.S. trade war

Kyodo

Sharp Corp. on Wednesday slashed its group sales outlook for the current business year ending in March to ¥2.50 trillion ($24.6 billion) from a previously estimated ¥2.69 trillion to reflect the possible negative effects of the prolonged U.S.-China trade dispute.

The firm also revised downward its operating profit outlook to ¥107 billion from ¥112 billion.

The company maintained its group net profit projection at ¥90 billion, citing continued progress on efforts to improve profitability.

For the April-December period, Sharp posted a net profit of ¥63.08 billion, up 13.9 percent from the same period a year earlier. Its operating profit stood at ¥68.25 billion, down 3.0 percent, on sales of ¥1.77 trillion, down 3.2 percent.