Sharp Logs 4.6-Fold Growth in Net Profit

Osaka, Nov. 12 (Jiji Press)--Sharp Corp. said Tuesday its consolidated net profit grew by some 4.6 times from a year earlier to 22.9 billion yen in the fiscal first half ended in September thanks to the effect of structural reform and 28.2 billion yen in profits from the sale of shareholdings.

The Japanese electronics company reported an operating profit of 400 million yen for the six months, compared with a year-before loss of 5.8 billion yen, due to strong sales of multifunction copiers in Europe.

Sharp saw its operating loss in the display device business, including liquid crystal display panels for computers and smartphones, shrink owing to cost reductions. It remains to be seen when the business will become profitable, CEO Masahiro Okitsu said.

The company kept unchanged its net profit forecast for the full year ending in March 2025 at 5 billion yen.

Sharp will overhaul its television business in the second half to survive competition with Chinese manufacturers. It will shift TV production for exports to outsourcing from its own output.

[Copyright The Jiji Press, Ltd.]