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Tokyo / Bloomberg
Japan’s Sharp Corp. will post a net income loss of 250 billion yen ($2.3 billion) for the year through March, according to the Mainichi newspaper. The company had previously said it expects a loss of 170 billion yen on an operating level.
Sluggish sales at the firm’s display and solar battery units were given as reasons in the report by Mainichi. An inventory adjustment — part of restructuring efforts by Sharp’s new owner, Foxconn Technology Group — was also to blame and Sharp’s debt may exceed its assets as a result, the newspaper said.
Osaka-based Sharp revised its earlier forecast for a 10 billion operating profit for the year to a loss on March 30. If Mainichi’s report is correct, it will bring total losses on a net basis since 2012 to 1.3 trillion yen. Taiwan’s Foxconn took control of Sharp last month, paying 389 billion yen for a 66 percent stake. Sharp’s shares slid by more than half last year, erasing 243 billion yen in market value.