AFP, Tokyo :
Japanese electronics giant Sharp Thursday announced a bigger-than-expected $1.86 billion fiscal year loss, and thousands of job cuts, as it fights to stay afloat.
The Osaka-based company’s 222 billion yen net loss-much bigger than an earlier 30 billion yen forecast-came as it said it is planning to cut 3,500 jobs in Japan, or about 15 percent of its domestic workforce.
The firm said it hoped to swing to an 80 billion yen operating profit in the current fiscal year, but it did not give a net profit forecast.
Earlier Thursday, Japan’s leading Nikkei business daily said Sharp would report as many as 6,000 jobs losses in Japan and offices overseas, but the higher figure could not be immediately confirmed.
Sharp-a major Apple supplier and leader in screens for smartphones and tablets-also said it would issue 200 billion yen in new shares with no voting rights to lenders Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ as part of its bid to repair a badly damaged balance sheet.
Japanese electronics giant Sharp Thursday announced a bigger-than-expected $1.86 billion fiscal year loss, and thousands of job cuts, as it fights to stay afloat.
The Osaka-based company’s 222 billion yen net loss-much bigger than an earlier 30 billion yen forecast-came as it said it is planning to cut 3,500 jobs in Japan, or about 15 percent of its domestic workforce.
The firm said it hoped to swing to an 80 billion yen operating profit in the current fiscal year, but it did not give a net profit forecast.
Earlier Thursday, Japan’s leading Nikkei business daily said Sharp would report as many as 6,000 jobs losses in Japan and offices overseas, but the higher figure could not be immediately confirmed.
Sharp-a major Apple supplier and leader in screens for smartphones and tablets-also said it would issue 200 billion yen in new shares with no voting rights to lenders Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ as part of its bid to repair a badly damaged balance sheet.
