TOKYO: Struggling Japanese electronics maker Sharp said it had swung back to profit for the full year to March after two years of huge losses, thanks to stronger sales and cost-cutting.
The Osaka-based company booked a 11.56bn yen ($114m) net profit in the 12-month period, reversing an eye-watering net loss of 545.35bn yen a year earlier.
Sales jumped 18.1 percent to 2.93 trillion yen on brisk demand for panels, including its popular “IGZO” displays for smartphones.
“We have produced unique devices and products while we have strengthened sales activities” including 4K high-definition television sets, IGZO displays and solar batteries, Sharp said in a statement. “In addition, we implemented comprehensive operational improvement measures such as cutting inventory and curbing investment,” it said.
At the operating level, it also achieved a profit of 108.56bn yen, compared with an operating loss of 146.27bn yen the previous year.
AFP
