Sharp increases full-year operating loss forecastNovember 1, 2012 - 11:12 AMT PanARMENIAN.Net - Japan's Sharp Corp, the struggling maker of Aquos TVs, increased its full-year operating loss forecast to 155 billion yen ($1.94 billion) from a previous 100 billion yen loss forecast. At a net level, it almost doubled its full-year loss forecast to 450 billion yen, according to Reuters. Sharp said, however, it expects to post an operating profit in the current October-March second half, after losing 168.9 billion yen ($2.11 billion) in the first half year - a target that will allow its banks to justify a $4.6 billion bailout of the TV maker. Sharp has secured fresh loans from banks including Mizuho Financial Group and Mitsubishi Financial Group in return for a pledge to axe 10,000 jobs, sell assets including overseas TV assembly plants, and return to profit. With redundancy packages usually amounting to at least a year's salary, layoffs in Japan are expensive. Sharp has also mortgaged most of its offices and factories in Japan, including one that makes displays for Apple Inc's iPhone and iPad, to unlock the emergency financing. Sharp posted a July-September operating loss of 74.8 billion yen ($936 million), compared with a profit of 30.1 billion yen a year ago, as it booked a $1.1 billion charge for a restructuring it has promised in return for financing to help avert collapse. The average forecast by five analysts surveyed by Thomson Reuters I/B/E/S was for a quarterly operating loss of 50.4 billion yen. The consumer electronics maker also wrote down 61 billion yen of deferred tax assets in the second quarter. Since the start of the year, Sharp's shares have plunged more than 75 percent, while the benchmark Nikkei average has gained more than 5 percent. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |