Japan Sharp profits recover on strong LCD TV sales
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TOKYO (AP) - Japan's Sharp Corp., one of the world's largest producers of LCD TVs and panels, booked a profit last quarter, rebounding from big losses a year earlier as sales recovered and deep cost cutting took effect.
The Osaka-based electronics company Thursday posted a net profit of 10.7 billion yen ($122.9 million) for the April-June fiscal first quarter compared with a 25.2 billion yen loss the year before.
Revenues increased 24 percent to 741.6 billion yen as sales of large-sized LCD panels produced at its Japan factories increased. Sales of its line of Aquos-brand LCD TVs also grew.
To cope with the global economic slowdown, Sharp implemented major company-wide cost cuts, and the results showed in the quarter.
As costs fell, its operating profit - seen as an indicator of actual business performance - recovered far beyond the uptick in revenue, to 22.5 billion yen from a 26.1 billion yen operating loss in the previous period.
Sharp said Japan's economy showed signs of a recovery during the quarter as government financial measures took effect and the country benefited from strong growth in other Asian nations. Butit said conditions remained severe in Japan due to a high rate of bankruptcies and the strong yen.
Sharp shares fell 1 percent on the Tokyo Stock Exchange before earnings were announced.
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