Osaka, Japan - Sharp Electronics reported lower net sales, but higher net income for its fiscal second quarter, ended Sept. 30, and it cut its fiscal year forecast.
Net sales were 674.2 billion yen, down 11.6 percent compared with the prior year's fiscal second quarter. Net income was 9.4 billion yen, 2.5 times that of the same period last year.
In its audio-visual and communications unit, sales were down 15 percent in the fiscal first half to 580.7 billion yen, compared with last year. That was due mainly to sales of LCD TVs and lower pricing, despite an increase in unit sales.
Sharp has cut its revised forecasts for net sales and operating income for the fiscal year. The company now forecasts net sales to be 2,800 billion yen, down from the previous forecast of 3,050 billion yen. Operating income is now forecast at 85 billion yen, from the previous forecast of 97 billion yen. Net income should be the same as previously forecast, at 6 billion yen.