TOKYO: Embattled Japanese electronics maker Sharp will book a record $5.6 billion annual net loss, reports said Thursday, a day after rival Panasonic warned of a mammoth $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 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.
Panasonic shares plunge after loss forecast
TOKYO: Shares in Panasonic dived nearly 20 percent om Thursday after the Japanese firm warned of a mammoth $9.6 billion annual loss in the latest sign of trouble for the nation’s hard-hit electronics giants. The dramatic plunge came as media reports said Sharp was now expecting to book a record $5.6 billion yearly loss, nearly double its official forecast. Panasonic’s stock opened at 414 yen on the Tokyo Stock Exchange, down by their daily loss limit of 100 yen, representing a 19.45 percent fall.