TOKYO (dpa-AFX) - Responding to media report, Japanese electronics maker Sharp Corp. (SHCAY.PK) said that it has been accelerating structural reforms aiming to achieve early profitability, and with results of improved profitability utilizing the synergy effect with Hon Hai Group, operating income/ loss and net income / loss are forecasted to improve drastically. Sharp's consolidated net sales for the year ended March 31, 2017 are forecasted to end lower than the last fiscal year.
The statement by Sharp comes after Japanese newspaper Nikkei reported that it expects to post operating profit of around 40 billion yen or $384 million for fiscal 2016. Sharp expects to suffer a third straight annual net loss, reaching 40 billion yen, albeit smaller than last fiscal year's 255.9 billion yen. Full-year sales are expected to fall 20% to around 2 trillion yen -- a level the company has maintained since fiscal 2001 but may lose this time.
Sharp noted that it is aggregating its business results for the second fiscal quarter, and it is not at the stage to announce annual consolidated business forecast either. Sharp will announce financial results for the second quarter ended September 30, 2016 on November 1, 3:00 p.m., and annual business forecasts will also be announced at this timing.
Copyright RTT News/dpa-AFX