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October 27, 2015

Smartphone screen slump sees Sharp slash profit forecast

News: The company lost market share in recent years to LG Display and Japan Display.

By CBR Staff Writer

Japanese firm Sharp has lowered its operating profit forecast due to weak demand for smartphone displays.

The company expects its operating income to be ¥10bn ($83m) for the year ending March 2016, compared with an earlier estimation of ¥80bn.

Looking ahead for the six months ended 30 September 2015, the company expects net sales of ¥1.27 trillion and operating loss of ¥26bn.

Sharp expects net loss attributable to the company to be ¥84bn or 50.78 yen per share for the six months ended 30 September 2015.

Last month, Taiwanese Electronics assembler Hon Hai Precision, better known as Foxconn, forwarded an acquisition offer to Sharp for its troubled liquid panel display business.

Sharp’s LCD business recorded consolidated sales of ¥907.1bn ($7.5bn) in fiscal 2014, but things took a major turn when the business recorded an operating loss of ¥13.7bn ($114m).

The latest forecasts will force Sharp to search a buyer for a part or entire of its display business.

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Sharp has lost market share in recent years to its rivals LG Display and Japan Display.

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