Sharp suffered its first loss in six years, with a net loss of 260.8 billion yen in fiscal 2022

Thanks to CTOnews.com netizen Xiao Zhan for the clue delivery! According to CTOnews.com news on May 12, Sharp today reported a net loss of 260.8 billion yen (CTOnews.com Note: about 13.483 billion yuan) for fiscal year 2022 (April 2022 to March 2023), compared with a profit of 73.9 billion yen in the previous fiscal year.

Sharp said in its financial report that the loss was mainly affected by the deterioration of the LCD panel market and impairment provisions, which was Sharp's first loss in nearly six years since fiscal year 2016.

Since June 2022, Sharp has repurchased from overseas funds to become a wholly-owned subsidiary of the LCD panel manufacturer, which has deteriorated in performance. Kitchen appliances, washing machines and other products are produced overseas, and the depreciation of the yen in the foreign exchange market has led to high costs and shrinking profits.

Looking ahead to fiscal year 2023 (April 2023-March 2024), Sharp said turning losses into profits was the most important goal, predicting consolidated profits of 10 billion yen and consolidated revenue of 0.5 per cent year-on-year to 2.56 trillion yen (currently about 132.352 billion yuan).

Sharp shares closed down 8.7% on Friday, the biggest one-day drop in February. Shares of Foxconn, the largest shareholder that directly owns 34% of sharp, closed down 2.4% to a nearly two-month low.