Driven by the strong sales of solar panels and the depreciation of the yen exchange rate, Sharp turned losses into profit in the first quarter. In the first fiscal quarter ended June 30, Sharp's operating profit was 3.01 billion yen (about $30.6 million). Sharp's first-quarter results were better than market expectations.
According to a survey by Thomson Reuters, market analysts had expected an average operating loss of 2.67 billion yen in the first quarter. Sharp's first quarter net loss was 17.98 billion yen (about 183 million US dollars), better than the net loss of 138.4 billion yen in the same period last year.
In the earnings report, Sharp will maintain its operating profit for the fiscal year to reach 80 billion yen. Thomson Reuters survey shows that market analysts currently expect an average operating profit of 58.2 billion yen for the fiscal year ending March 31, 2014. Sharp received $4.6 billion in loans from two Japanese banks, Mizuho Financial Group and Mitsubishi UFJ Financial Group, last year. The term of the loan will depend on Sharp's operating profit and net profit for the fiscal year.
It is reported that Sharp plans to raise about 100 billion yen (about 994 million US dollars) through the issuance of new shares. Sharp supplies monitors to Apple, and the company will have 200 billion yen of convertible bonds due in September.
It is reported that Sharp plans to publicly issue about 90 billion yen of stocks at the end of September this year, and will issue up to 10 billion yen of shares to the residential equipment manufacturer Lixil Group. In addition, Sharp plans to raise 10 billion yen from Japanese power tool maker Makita Corp.
Sharp said that the company is considering ways to raise funds, but has not yet made a final opinion on this. After a cumulative loss of 921 billion yen in the past two fiscal years, Sharp's equity ratio has fallen to 6% in March this year, far below the 20% perceived by the industry as financial stability.
Sharp has already laid off employees and sold shares to Samsung Electronics and Qualcomm to raise funds.
According to a survey by Thomson Reuters, market analysts had expected an average operating loss of 2.67 billion yen in the first quarter. Sharp's first quarter net loss was 17.98 billion yen (about 183 million US dollars), better than the net loss of 138.4 billion yen in the same period last year.
In the earnings report, Sharp will maintain its operating profit for the fiscal year to reach 80 billion yen. Thomson Reuters survey shows that market analysts currently expect an average operating profit of 58.2 billion yen for the fiscal year ending March 31, 2014. Sharp received $4.6 billion in loans from two Japanese banks, Mizuho Financial Group and Mitsubishi UFJ Financial Group, last year. The term of the loan will depend on Sharp's operating profit and net profit for the fiscal year.
It is reported that Sharp plans to raise about 100 billion yen (about 994 million US dollars) through the issuance of new shares. Sharp supplies monitors to Apple, and the company will have 200 billion yen of convertible bonds due in September.
It is reported that Sharp plans to publicly issue about 90 billion yen of stocks at the end of September this year, and will issue up to 10 billion yen of shares to the residential equipment manufacturer Lixil Group. In addition, Sharp plans to raise 10 billion yen from Japanese power tool maker Makita Corp.
Sharp said that the company is considering ways to raise funds, but has not yet made a final opinion on this. After a cumulative loss of 921 billion yen in the past two fiscal years, Sharp's equity ratio has fallen to 6% in March this year, far below the 20% perceived by the industry as financial stability.
Sharp has already laid off employees and sold shares to Samsung Electronics and Qualcomm to raise funds.
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