Japan’s Sharp reports first quarterly profit in 2 yearsFebruary 3, 2017 - 20:43 AMT PanARMENIAN.Net - Sharp Corp lifted its full-year profit guidance after posting its first quarterly net profit in more than two years as the Japanese liquid crystal display (LCD) maker pressed ahead with cost-cutting measures under new owner Foxconn of Taiwan, Reuters reports. This was the first full quarter under the Taiwanese company's management for Sharp, and analysts have been keen to see if the results reflect Foxconn chairman and CEO Terry Gou's trademark style of a laser-like focus on costs. The Japanese company's shares have already rallied since Foxconn took charge last year. Sharp, a major supplier of LCD panels to Apple Inc, is consolidating production lines, streamlining distribution networks and tapping Foxconn's famed parts procurement power to turn itself around. "Speedy management is the biggest contributor to the turnaround," Executive Vice President Katsuaki Nomura said at an earnings briefing, hailing the swift decision-making style of Foxconn, the world's largest contract electronics maker. Sharp also benefited from production cutbacks by Korean rivals in LCD panels that led to a supply shortage and pushed up market prices. Net profit was 4.2 billion yen ($37.14 million) for October-December, compared with a 24.7 billion yen loss in the same period a year earlier, with its core display device unit also swinging back to a profit for the first time in two years. Sharp raised its operating profit forecast to 37.3 billion yen for the year ending in March from an earlier forecast of 25.7 billion yen. 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 | Turkey extends military presence in Azerbaijan The Turkish parliament has adopted a bill submitted by Recep Tayyip Erdogan to extend the mandate of Turkish troops. Russia to begin assessing migrant workers' speaking skills Rosobrnadzor is planning to change the Russian language exam for migrant workers and include an assessment of speaking skills Armenian, Saudi Foreign Minister meet in Riyadh The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi Arabia Pashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”. |