TOKYO, Nov 1 (APP/AFP): Struggling Japanese electronics maker Sharp said Tuesday it expects to post its first operating profit in three years and narrow its net loss on the back of reforms and its buyout by Taiwan’s Hon Hai. The Japanese industrial mainstay, pummelled by huge losses and mounting debts, was formally taken over in August by Hon Hai, better known as Foxconn, which took a 66 percent stake for $3.7 billion. It was the first foreign acquisition of a major Japanese electronics firm and marked a watershed for Japan’s once-mighty home electronics sector, which nurtured global brands including Sony and Panasonic but has struggled in the face of foreign competition. Sharp said it expects to report a 25.7 billion yen ($245 million) annual operating profit in the business year ending in March, citing “structural reforms and synergy effects with the Hon Hai Group”.
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Sharp tips annual operating profit after Hon Hai deal
