Sharp's Profits Rose 5.5%
By Greg Tarr -- TWICE, 2/11/2008
OSAKA, JAPAN — Sharp reported a 5.5 percent increase in operating profit to $486 million for the third quarter ended Dec. 31, despite greater-than-expected price competition in LCD TVs.
The company said net profits in the period rose 3.8 percent to $277 million behind increased profits in its LCD and chip businesses. Net sales rose 12.3 percent over the year-ago period to $8.62 billion.
For the full fiscal year ending in March, the company kept its outlook unchanged, at $1.8 billion in operating profit.
Sales of consumer and information products including LCD TVs and mobile phones rose 8.3 percent in the period, Sharp said. At the same time, sales of LSI chips rose 32.5 percent, while LCD sales climbed 34 percent, offsetting a 9 percent decline in revenue from other electronics components, including solar cells.
Sharp sold nearly 2.6 million TVs in the quarter worldwide. The company was able to offset reduced profitability due to price competition by increasing sales of LCD panel components.
But the company said bigger-screen sales were below expectations, due to the sluggish economy. The company looks to offset those declines by growing sales in emerging markets including China and India.
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