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Japan Sharp turns first quarterly profit in a year

Japan Sharp turns first quarterly profit in a year

Japanese electronics giant Sharp Corp. returned to the black last quarter thanks to robust sales of flat-panel TVs and massive cost cutting.
The net profit of 7.4 billion yen ($82 million) in the July-September quarter came after three straight quarters of losses and added to signs that Asia's export companies are starting to recover along with global trade.
The profit was more than double Sharp's 3.1 billion profit a year earlier. But revenue fell 15.2 percent year-on-year to 690.3 billion yen.
The result was spurred by robust sales for the company's liquid crystal display televisions in North American, Europe, Japan and China, said Sharp spokesman Heihachiro Ochiai. Cost cuts of 200 billion yen, as well as rising sales of mobile phones, also helped lift earnings, he said.
Osaka-based Sharp, a leading maker of flat-panel TVs, competes against Samsung Electronics Co. of South Korea and Japanese electronics maker Panasonic Corp. in liquid crystal display technology. Sharp is also Japan's biggest maker of mobile phones.
The company maintained its projections for the fiscal year through March 2010, with annual revenue seen at 2.75 trillion yen and profit at just 3 billion yen.
The company incurred net losses totaling 113.2 billion yen in the two prior quarters.
Sharp shares fell 1.0 percent to 967 yen Thursday. Tokyo's stock trading closed just before the company announced its earnings results.


Updated : 2021-03-01 12:47 GMT+08:00