Sharp said its president Takashi Okuda will step down at the AGM in June and become non-executive chairman. He will be replaced by Kozo Takahashi, a 33-year veteran of the company who will also remain chief officer of the products business group.
Sharp posted a 0.9 percent increase in revenues for the past year to JPY 2.48 trillion, but the operating loss widened to JPY 146.3 billion from JPY 37.6 billion. Operating cash flow was a negative JPY 81 billion, and the company finished the year with cash and equivalents of JPY 187.9 billion. It will not pay a dividend for the year.
For the current year to March 2014, Sharp forecast an improvement in sales to JPY 2.70 trillion, an operating profit of JPY 80 billion and a net profit of JPY 5 billion. The company said it will make an "all-out" effort to turn around the bottom line this year, as part of its three-year recovery plan.
The plan includes focusing on more promising markets, working more with partners on development, and stronger execution through improved governance. In addition to the ongoing cost reductions and restructuring of the product portfolio, it will focus more on expansion abroad, especially in the Asean region. The company is also in talks with its bank lenders to extend its syndicated loans and said it aims to meet the redemption terms of its convertible bonds. The overall aim of the plan is to grow by fiscal 2015 to revenues of JPY 3 trillion, operating profit of JPY 150 billion and a net profit of JPY 80 billion.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.
We have been keeping professionals in the telecoms industry up-to-date since 2000. Telecompaper is a well respected, independent research and publishing company focussed on the telecommunications industry.
3995 AA Houten
Phone: +31 30 6349600
Fax: +31 30 6349699
© 2000 - 2016 Telecom.paper BV. All rights reserved.
Telecompaper is a trademark of Telecom.paper BV. No part of this site can be reproduced without
the expressed permission of Telecom.paper BV. Our General Terms and Conditions can be found here.
Terms and Conditions