Japan's Sharp forecasts return to profit in 2013/14
TOKYO May 14 (Reuters) - Sharp Corp said it expects to rebound to an operating profit in the year to March 31 as it battles to remain viable after averting failure last year through a bailout by its banks.
In the current financial year, Sharp expects an operating profit of 80 billion yen ($786 million), compared with a loss of 146.27 billion yen in the latest year to March 31. The forecast compared with the average 52.9 billion yen profit estimate from 13 analysts surveyed by Thomson Reuters I/B/E/S.
Sharp is due to release a three-year rehabilitation plan later on Tuesday as it moves to secure its survival.
In October, the company was rescued by almost $4 billion of emergency loans from lenders including Mizuho Financial Group and Mitsubishi Financial Group. To obtain the financial help, the firm had to mortgage its offices and factories in Japan, including one that makes screens for Apple Inc's iPad and latest iPhone.
It also had to agree to trim its workforce by 10,000 people and seek buyers for overseas assets including TV assembly plants in China, Malaysia Poland and Mexico.
- Pennsylvania newlyweds "just wanted to murder someone together:" police
- U.S. war veteran released by North Korea returns home |
- WTO overcomes last minute hitch to reach its first global trade deal
- Ice storm causes blackouts, delays in Texas, Arkansas
- China's parliament: Japan has "no right to criticize" air defense zone