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Sharp halves earnings projections for FY 1998

TOKYO, Sept. 25 Kyodo

Sharp Corp. said Friday it is halving its unconsolidated and consolidated earnings projections for fiscal 1998, with the parent-only pretax profit now estimated at 15 billion yen, down from 35 billion yen projected in May.

The unconsolidated pretax profit represents a 55% fall from the year before.

The company said it has cut its net profit projection to 8 billion yen from May's 19 billion yen, and its sales estimate to 1.33 trillion yen from 1.37 trillion yen.

The leading maker of consumer electronics said it has shown satisfactory performance in the audio and communication equipment areas, but not in the visual, liquid crystal display and semiconductor-related areas, which have been hurt by falling prices.

Its group earnings will also be lower than initially expected, Sharp said.

It is now projecting a consolidated pretax profit of 28 billion yen and net profit of 10 billion yen on sales of 1.84 trillion yen.

Compared with the previous year, the earnings figures represent falls of 44.7% and 59.7%, respectively. The sales projection figure, however, represents a rise of 2.8%.
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Publication:Japan Consumer Electronics Scan
Article Type:Article
Geographic Code:9JAPA
Date:Sep 28, 1998
Words:187
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