Plummeting TV Prices Blamed for Massive Sharp Projected Loss

Sharp slashed its fiscal 2011 outlook Wednesday, swinging from a projected surplus of 6 billion yen to a projected net loss of 290 billion yen for the year ending March 31. The statement from Sharp in Osaka, Japan, said: "Even after a revision of the financial results forecast on Oct. 27, 2011, the harsh business environment continued, with more-than-expected price declines" in LCD TVs and solar panels and a "heightened sense of caution regarding an economic slowdown arising from a prolonged strong yen and the European debt problem's spreading across the globe."

Sharp cut its sales projections for the year by 8.9 percent to 2.5 billion yen. Projected operating income was sliced from 85 million yen to zero, it said. Bloomberg called the projected loss the worst in company ... Log in to view full article.

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