{"id":25585,"date":"2012-11-01T09:11:55","date_gmt":"2012-11-01T07:11:55","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=25585"},"modified":"2012-11-01T16:37:22","modified_gmt":"2012-11-01T14:37:22","slug":"sharp-expecting-to-lose-more-money","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/25585\/sharp-expecting-to-lose-more-money\/","title":{"rendered":"Sharp expecting to lose more money"},"content":{"rendered":"

Japan’s Sharp Corp<\/a>, the struggling maker of Aquos TVs, increased its full-year operating loss forecast to 155 billion yen ($1.94 billion) from a previous 100 billion yen loss forecast. At a net level, it almost doubled its full-year loss forecast to 450 billion yen.<\/p>\n

Sharp said, however, it expects to post an operating profit in the current October-March second half, after losing 168.9 billion yen ($2.11 billion) in the first half year – a target that will allow its banks to justify a $4.6 billion bailout of the TV maker.<\/p>\n

Sharp has secured fresh loans from banks including Mizuho Financial Group<\/a> and Mitsubishi Financial Group<\/a> in return for a pledge to axe 10,000 jobs, sell assets including overseas TV assembly plants, and return to profit.<\/p>\n

With redundancy packages usually amounting to at least a year’s salary, layoffs in Japan are expensive.<\/p>\n

Sharp has also mortgaged most of its offices and factories in Japan, including one that makes displays for Apple Inc<\/a>‘s iPhone and iPad, to unlock the emergency financing.<\/p>\n

Sharp posted a July-September operating loss of 74.8 billion yen ($936 million), compared with a profit of 30.1 billion yen a year ago, as it booked a $1.1 billion charge for a restructuring it has promised in return for financing to help avert collapse.<\/p>\n

The average forecast by five analysts surveyed by Thomson Reuters I\/B\/E\/S was for a quarterly operating loss of 50.4 billion yen.<\/p>\n

The consumer electronics maker also wrote down 61 billion yen of deferred tax assets in the second quarter.<\/p>\n

Since the start of the year, Sharp’s shares have plunged more than 75 percent, while the benchmark Nikkei average has gained more than 5 percent. Sharp fell 1.7 percent on Thursday ahead of its earnings release.<\/p>\n

Related articles<\/strong><\/p>\n

Sharp bags $4.6 billion bank bailout<\/strong><\/a><\/p>\n

Sharp one step closer to $2.7 billion bailout<\/strong><\/a><\/p>\n

Sharp greenlit for $2.7 billion in bank loans – source<\/strong><\/a><\/p>\n

Sharp charts return to profit<\/strong><\/a><\/p>\n

Sharp, Hon Hai deal stalled<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Japan’s Sharp Corp, the struggling maker of Aquos TVs, increased its full-year operating loss forecast to 155 billion yen ($1.94 billion) from a previous 100 billion yen loss forecast. At a net level, it almost doubled its full-year loss forecast to 450 billion yen.<\/p>\n","protected":false},"author":7,"featured_media":5077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[25,835,1205],"class_list":["post-25585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-active","tag-forecast","tag-sharp"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/25585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=25585"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/25585\/revisions"}],"predecessor-version":[{"id":25672,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/25585\/revisions\/25672"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/5077"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=25585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=25585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=25585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}