Business / Corporate

Sharp sees net profit fall 33.1% in April-September, attributes decline to weak TV sales

Kyodo

Sharp Corp. said Friday its group net profit in the April-September period fell 33.1 percent from a year earlier to ¥27.40 billion ($254 million), due to weak TV sales in overseas markets.

Consolidated operating profit dropped 21.4 percent from a year earlier to ¥36.96 billion on sales of ¥1.12 trillion, down 0.7 percent.

For the business year through March, Sharp maintained its earlier forecasts, expecting its group net profit to rise 7.8 percent from the previous year to ¥80 billion and consolidated operating profit to grow 18.8 percent to ¥100 billion, on sales of ¥2.65 trillion, up 10.4 percent.

Sharp was acquired by Taiwan’s Hon Hai Precision Industry Co. in 2016.

Before that, Sharp, a century-old household name in Japan, had struggled in price wars with foreign rivals and suffered huge losses in its liquid crystal display business.

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