Sharp posts record quarterly profit
Electronics maker credits strong LCD TV, mobile phone and solar battery sales for fiscal 3Q strength.
HONG KONG (Dow Jones) - Japan's Sharp Corp said Wednesday quarterly earnings rose to an all-time high on strong sales of liquid crystal display televisions, mobile phones and solar batteries. Sharp (SHCAF) earned net profit of 26.26 billion yen ( $223.5 million ) for its fiscal third-quarter ended Dec. 31, up 26% from a year earlier. Group operating profit rose 20% to 43.77 billion yen , while group sales increased 13% to 731.72 billion yen . Sharp also said it's on track to meet its earnings projections of an almost 6% rise in profit for the full fiscal year ending March 31 . Sharp is the world's largest maker of LCD TVs by units shipped, with a market share of about 20%. Last month, it announced it would spend 200 billion yen to boost production at a state-of-the-art LCD factory in Japan, targeting a bigger share of the rapidly growing market as more consumers make the switch to thin- panel displays. Sharp said its semiconductor business, however, performed poorly owing to falling prices for flash-memory chips. For the full fiscal year, Sharp continues to expect record profit and robust sales. It forecasts group net profit will rise 13% to 87 billion yen, lifted by an 8.3% growth in group sales. Sharp projects its group operating profit for the full year will climb 5.9% to 160 billion yen . Sharp shares closed Tokyo trading at 6,753 yen, up 1.39%. (END) Dow Jones Newswires 02-01-06 0611ET Copyright (c) 2006 Dow Jones & Company, Inc. |
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