TOKYO (AFP) -Japan’s Sharp saw its shares plunge in Tokyo on Monday following a report that said the consumer electronics giant would fall back into the red, reversing company forecasts for an annual profit.
The firm’s shares dropped 8.73 per cent to 230.0 yen by the close of trading.
Japan’s leading Nikkei business daily said the Osaka-based firm would report a loss that could amount to hundreds of millions of US dollars for the fiscal year through March owing to a slump in its struggling television business.
The company declined to comment on the report but said its full-year earnings would fall below earlier forecasts due to a “deterioration” in sales at home and “severe competition” in the liquid crystal display business. It did not give new figures.
Sharp, which along with rivals Sony and Panasonic has been undergoing a painful restructuring to move past years of losses, had earlier said it was on track to report a 30 billion yen ($256 million) annual net profit.