Japan’s Sharp forecasts $4.7 bn full-year loss

Japanese electronics giant Sharp said Tuesday it would report a full-year loss of about $4.7 billion, as the firm struggles to turn around its sagging liquid crystal display television business.

The company, which will report its results later this month, said it was now forecasting a shortfall of 380 billion yen ($4.7 billion) for the year to March, up from an earlier forecast loss of 290 billion yen.

The announcement came hours after Sony reported a widening loss forecast, with the maker of PlayStation consoles and Bravia televisions saying it would lose an eye-watering 520 billion yen in the fiscal year just ended in March.

Japan’s electronics giants have suffered in recent years as rampant competition from foreign rivals has sent prices tumbling, together with the effects of a strengthening yen and a stuttering global economy.

Last month, Sharp said it would replace its top executive, with the firm’s executive managing officer Takashi Okuda taking over for Mikio Katayama as president on April 1, to “change its management structure”.

The announcement made Sharp the latest Japanese electronics maker to announce changes in top management after Panasonic and Sony reshuffled their executive lineup.