Osaka, Japan - Sharp
widened its forecast for a record loss to $4.7 billion for the fiscal year,
ended March 31.
The net loss, which would be the worst in the company's history,
is projected to be 31 percent higher than a forecasted loss of $3.5 billion
made in February after previously forecasting the period to be profitable.
Sharp recently announced that it would sell a portion of its LCD
panel business to Foxconn Technology Group and founder Terry Gou for a $1.6
Most Japanese manufacturers are now forecasting major losses for
the previous fiscal year as a stronger yen saps the value overseas sales.
Sharp predicted in February a loss as prices for Aquos TVs continued
to by eroded by the economy and aggressive Asian competitors and a pending tax
Sharp booked charges as it cut deferred tax assets by $1.48
billion in the quarter, ended Dec. 31.
In April, Sharp reduced production of TV panels at its two biggest
LCD plants and announced plans
to sell a 10 percent stake to Foxconn Technology's
company Hon Hai Precision Industry.
Osaka, Japan - Sharp Tuesday widened its forecast for a record loss to $4.7 billion for the fiscal year, ended March 31.