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Sharp Sees 86 Percent Increase in Net Profit
Apr 28, 2004
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Japan-based Sharp has recorded an 86 percent rise in annual net profit on strong demand for flat-screen TVs and forecast revenues and net profit to rise to a record high.

The world's largest maker of liquid-crystal display (LCD) televisions forecast a group net profit of 75 billion yen (approx. U.S. $685 million) for the current year to March 31, below a consensus estimate of 78 billion yen (approx. $712 million) from 20 analysts polled by Reuters Research.

Sharp has outflanked bigger rivals by specializing in a limited number of products, such as LCD TVs and displays for mobile phones and digital cameras.

Its Osaka, Japan rival, Sanyo Electric, returned to the black, aided by buoyant sales of digital cameras, mobile phones and batteries.

The company's white goods business continued to disappoint as revenues fell 7 percent in 2003-04, due to intense price competition from low-cost manufacturers such as China's Haier.

Sanyo forecast net profit to rise more than five-fold to 16 billion yen (approx. $146 million) in 2004-05, but that still fell way short of analyst's consensus estimates for a profit of 37.4 billion yen (approx. $341 million). (Reuters)

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