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REVEALED: TV Maker Sharp $4.7b Loss

REVEALED: TV Maker Sharp $4.7b Loss
Sharp Corp revised its forecast profits further downwards of its February 1 projections yesterday by 90,000 million yen, bringing its total loss to a massive 380,000m yen ($4.7bn).

Sharp had previously forecast a net loss of 290,000m yen or $3.7bn.

The disappointing losses reflect shipment delay of LCDs for mobile terminals and costs associated with restructure of its new LCD business, in collaboration with Chinese TV partner Hon Hai.

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Sharp’s slashed forecast of financial results is based on “certain information” available to the troubled TV maker, it said in a statement.

Final results may differ from the forecast due to “various factors” Sharp also warned.

Sharp is not the only Japanese TV maker in trouble – Sony also are battling major issues and have just announced the lay-off of 10,000 staff and a whopping $6.4 billion loss.