May 13--Sharp Corp. posted its first net profit in three years in fiscal 2013, earning Y11.5 billion after losing a staggering Y545.3 billion in fiscal 2012, the electronics maker said Monday.
Sales jumped to Y2.9 trillion, up 18.1 percent from the previous year, while operating profit jumped to Y108.5 billion, up from a loss of Y146.2 billion.
"We managed to secure a net profit for fiscal 2013. We will strive to strengthen the earning power of each business," Executive Vice President Tetsuo Onishi said at a news conference in Tokyo.
Factors contributing to the healthier earnings included rising demand in Japan for solar cells, steady sales of small and midsize LCD screens for smartphones and tablet computers, and streamlining efforts that cut costs.
Sales of solar cells jumped 68.9 percent to Y439 billion, while those of panels for smartphones rose 17 percent to Y991 billion.
Meanwhile, Sharp said it saved Y146.3 billion through structural reforms, including downsizing.
The two previous years were bitter for Sharp, which logged a net loss of Y376 billion in fiscal 2012 that was then topped by the Y545.3 billion in red ink logged last year as it struggled to make money off its LCD, audiovisual and solar cell businesses while spending billions of yen on structural reform.
For fiscal 2014, the company is projecting Y3 trillion in sales, a 2.5 percent increase from fiscal 2013. It expects to more than double net profit to Y30 billion, while operating profit will drop by 7.9 percent to Y10 billion.
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