TOKYO (dpa-AFX) - Shares of Sharp Corp. (SHCAY.PK) were losing around 6 percent in the Japanese trading after the electronic products maker said it sees weak profit in fiscal 2023, despite higher sales.
For the year, the company projects profit attributable to owners of the parent of 50 billion yen or 78.08 yen per share, lower than last year's profit of 73.99 billion yen or 121.14 yen.
Operating profit for the year would be 65 billion yen, compared to 84.72 billion yen recorded a year ago.
The company projects a decrease in profit due to the effects of the drop in the value of the yen and deteriorating market conditions for large LCD panels etc.
However, net sales are expected to reach 2.70 trillion yen, up from last year's 2.50 trillion yen.
According to the company, the impact of supply chain disruptions from the recent lockdown in China as well as high prices of semiconductors and raw materials, and the weak yen will continue for the time being. The forecast also reflects the outlook of Sakai Display Products Corp., which will become a subsidiary.
In Japan, Sharp shares were trading at 1,021 yen, down 6 percent.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX