Sharp Losses To Hit $1.8 Billion

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Sharp have revised upwards their projected operating loss to $1.8B for the fiscal year ended March 31. The news comes only days after the Company president Mikio Katayama admitted that the Company had made mistakes in the past.

Sharp have revised upwards their projected operating loss to $1.8B for the fiscal year ended March 31. The news comes only days after the Company president Mikio Katayama admitted that the Company had made mistakes in the past.

In February, the Japanese electronics maker announced the anticipated losses, the elimination of 1,500 jobs and the temporary closing of two LCD plants in Japan because of slow demand.

“The global financial crisis is hurting all sectors at an unprecedented speed and scale,” says Sharp president Mikio Katayama.

The company’s directors will also forgo bonuses in June and accept pay cuts up to 50 percent. Sharp has been attributing the losses to the rising value of the yen and declining sales and prices for LCDs.

In an attempt to increase savings, Sharp has bumped up the opening of its 10th-generation LCD plant in Sakai City from March 2010 to October 2009. The company says demand for flat-panel TVs has picked up in recent weeks.

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