Japan's Sharp to book record $6.8b loss: Reports
TOKYO (AFP) - Embattled Japanese electronics maker Sharp will book a record US$5.6 billion (S$6.8 billion) annual net loss, reports said on Thursday, a day after rival Panasonic warned of a mammoth US$9.6 billion loss for its fiscal year.
Osaka-based Sharp has suffered deep losses in its television business with the maker of Aquos-brand electronics on track to lose 450 billion yen (S$6.9 billion) in the fiscal year to March, Jiji Press news agency and public broadcaster NHK reported.
That dwarfs the 250 billion net loss that Sharp has forecast and would eclipse a previous record loss of 376 billion yen last fiscal year.
The dire reports on Thursday came hours before Sharp was to report its half-year results and outlook. Its struggling shares were down 2.32 per cent to 168 yen in early Tokyo trade.