Sharp's Profits Decline, Record Year-End Projected Oct 26, 2005

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Consumer electronics maker Sharp Corp. reported a 7.2-percent decline in fiscal half-year profits.

Despite the weak start, the Japan-based company still projects a record profit for the fiscal year through March 2006 of 87 billion yen (approx. U.S. $756 million), an increase of 13 percent from 76.8 billion yen (approx. $664 million) the previous year.

Fiscal 2005 sales were projected to grow 8 percent to 2.75 trillion yen (approx. $23.9 billion), also a record-high for Sharp, from 2.5 trillion yen (approx. $21.6 billion) for fiscal 2004.

For the 6 months ending Sept. 30, 2005, Sharp's group net profit fell to 36.5 billion yen (approx. $317 million) from 39.3 billion yen (approx. $339 million) for the same period a year earlier. For the same period, sales increased 6.2 percent to 1.34 trillion yen (approx. $11.6 billion) from 1.26 trillion yen (approx. $10.9 billion).

Sharp said sales in LCD color TVs, mainly large-size models, and mobile phones were up during the first 6 months of the fiscal year, while home appliance sales were also up.

Sharp said the key to its continued growth for the rest of the year was expanding its LCD business, such as panels for mobile terminals and large-size TVs. (AP)

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