Sharp falls short of estimate
TOKYO–Japanese electronics maker Sharp Corp., facing a triple whammy of higher raw materials prices, a slowdown in the U.S. economy and the yen’s rise against the dollar, posted its first annual profit fall in six years yesterday.
Group operating profit came to 183.7 billion yen, or $1.79billion (Canadian), for the year ended March 31, short of the market consensus of 186.5 billion yen in a Reuters poll of 20 analysts. Sales rose 9 per cent to 3.4 trillion yen.
Sharp, which is grappling with tough competition in a flat TV market, said it expected operating profit to grow 6 per cent to 195 billion yen, below the consensus of 209.7 billion yen payday loans.
"There is a chance the stock will get sold at the beginning of next week," said Tsuyoshi Segawa, equity strategist at Shinko Securities.
For the January-March fourth quarter, Osaka-based Sharp posted a 12 per cent rise in operating profit to 52.6 billion yen, helped by strong demand for LCD panels from other TV makers and brisk sales of solar panels to businesses and homes.
Reuters News Agency
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