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.
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.