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Sharp Widens Forecast To $4.7B Loss

Osaka, Japan –


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

to sell a 10 percent stake to Foxconn Technology’s

Taipei-based flagship
company Hon Hai Precision Industry.