Sharp SOS as loss forecast doubles
Friday 02 November 2012
The struggling TV maker Sharp warned it might not be able to survive on its own, as it almost doubled its full-year net loss forecast to $5.6bn (£3.4bn) yesterday, and said it was considering alliances with other companies.
The Japanese company said it booked massive second-quarter losses and is seeing "serious negative operating cash flow".
"This raises serious doubts about [our ability] to continue as a going concern," the company said, adding it was taking steps, from pay cuts and asset sales to voluntary redundancies, to generate cash flow.
Sharp has been in talks for months with Hon Hai Precision about the Taiwan-based group becoming its biggest shareholder.
Sharp said yesterday it expected an agreement on that before a March deadline, but added it was considering other alliances as well.
Its bigger Japanese rival Sony, meanwhile, made a small operating profit in July-September, helped by the sale of a non-core chemicals business, although it also cut forecasts for sales of its TVs, compact cameras and some games consoles.
The grim tale from the Japanese brands that led a consumer electronics boom from the Seventies came a day after Panasonic said it will lose almost $10bn this year as it writes down goodwill and assets.
- 1 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 4 Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
- 5 How to gain confidence and maximise your sexual potential
Boston Marathon runner's search for mystery man she kissed ends with letter from his wife
Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
Italian police 'reveal' what Jesus looked like as a young boy
Mysterious 'X-Files' sounds heard miles above the Earth
Met Gala 2015: Beyoncé manages to out-skimp Rihanna, Miley and Kim Kardashian with near-naked ensemble
In defence of liberal democracy
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
Andy McSmith's Sketch: Feisty audience is the real star of an enlightening show
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...