FX.co ★ Sharp’s losses hit record high

Summing up the fourth quarter of 2015, Japanese manufacturer of display panels and electronics Sharp reported great losses once again.
The company doubled the net loss which amounted to 24.7 billion yen ($209 million) in the re-porting period compared with the previous year. The figures exceed experts’ estimates of 8 bil-lion yen ($67.7 million).
Meanwhile, Sharp’s operating loss totaled to 3.8 billion yen ($32.2 million). In the year-earlier period, the company posted an operating profit of 22 billion yen ($186.2 million). At the same time, the quarter revenue dropped by 13 percent to 663.3 billion yen ($5.6 billion).
The Japanese manufacturer expects the operational profit for the current fiscal year ending March 31, 2016 to reach 10 billion yen ($84.6 million) on sales of 2.7 trillion yen ($22.8 billion).
Besides, Sharp’s board of directors keeps on negotiating a business rescue plan with Taiwanese electronics maker Foxconn and government-backed investment fund Innovation Network Corp. of Japan (INCJ). Foxconn is ready to inject over $5 billion in the Japanese electronics giant, while INCJ is offering 300 billion yen ($2.55 billion).