Sharp Corp booked a net profit of 11.6 billion yen ($114.05 million) for the year ended March 31, meeting the conditions for a $4.6 billion rescue arranged by banks last year after the company recorded a 545 billion yen loss in the previous year. It said it was aiming to log a 30 billion yen net profit in FY2014/15, but forecast a drop in operating profit in the current business year to next March as the benefit of a weaker yen over the past year recedes while a pull-back in production of solar cells will also clip profits. Sharp forecast a 7.9 percent decrease in operating profit to 100 billion yen ($983.19 million) for the current year through March 2014, just above market consensus of 98.7 billion yen, the mean of 15 analyst estimates according to Thomson Reuters Starmine.
Sharp sees drop in profit this year as yen benefit fades
12
May
2014
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