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Sharp posts record loss on grim LCD, TV market
TOKYO, April 27 |
TOKYO, April 27 (Reuters) - Japan's Sharp Corp Friday posted a record annual loss as it struggled to sell liquid crystal panels amid a global supply glut and as demand waned for its TV sets.
The manufacturer of Aquos LCD TVs reported a record net loss of 376.1 billion yen ($4.66 billion) for the year to March versus a profit of 19.4 billion yen the previous year. The company also posted an operating loss of 37.6 billion yen compared to an operating profit of 78.9 billion yen 12 months earlier.
That net loss was in slightly less than the average estimate of a loss of 383 billion yen by 11 analysts surveyed by Thomson Reuters I/B/E/S.
Sharp's losses mirror the grim performances at Japan's other major TV makers, Sony Corp and Panasonic Corp. Combined, the three are forecasting losses of $21 billion in the business year just ended.
For the financial year to March, Sharp predicted an operating profit of 20 billion yen.
($1 = 80.7900 Japanese yen) (Reporting by Tim Kelly; Editing by Matt Driskill)
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