Tokyo: Sharp said on Friday its nine-month net loss shrank by more than 60 per cent as it upgraded its full-year forecasts on structural reforms and its takeover by Hon Hai.
The Japanese industrial mainstay, pummelled by huge losses and mounting debts, was formally acquired in August last year by Hon Hai, better known as Foxconn, which took a 66 per cent stake for $3.7 billion.
It was the first foreign acquisition of a major Japanese electronics firm and marked a watershed for Japan’s once-mighty home electronics sector, which nurtured global brands including Sony and Panasonic but has struggled in the face of foreign competition.
Sharp said that in the nine months to December its net loss shrank by 62 per cent to 41.16 billion yen from a year earlier.
It booked operating profit of 18.94 billion yen ($363.86 million), reversing the previous year’s loss of 29.04 billion yen. — AFP
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