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Sharp posts 4th straight quarterly profit, recovery on track
October 27, 2017 / 6:12 AM / 23 days ago

Sharp posts 4th straight quarterly profit, recovery on track

TOKYO, Oct 27 (Reuters) - Japan’s Sharp Corp reported its fourth consecutive quarter of net profit on Friday, as it gears up to rebuild lost presence in the global electronics market under Taiwanese owner Foxconn.

Sharp, a supplier to Apple Inc, posted net profit of 20.2 billion yen ($177.04 million) for the three months through September, reversing a year-earlier loss of 17.9 billion yen.

The result compared with the 14.62 billion yen average of five analyst estimates in a Thomson Reuters poll.

Following the strong quarterly results, Sharp lifted its profit forecast for the year through March to 69 billion yen from an initially estimated 59 billion yen. If achieved, that would be its first annual profit in four years. It posted a loss of 24.9 billion yen a year prior. ($1 = 114.1000 yen) (Reporting by Makiko Yamazaki)

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