Japan's Sharp Corp on Wednesday said it expects significant improvement in annual profit due to restructuring and synergies with new owner Foxconn, sending shares in the display maker soaring more than 10 percent.
The statement came after the Nikkei business daily reported that Sharp forecasts operating profit of about 40 billion yen ($385 million) for the business year through March. That would compare with the 6.6 billion yen average of 11 analyst estimates in a Thomson Reuters I/B/E/S poll.
Meeting the forecast would mark the first operating profit in three years for Sharp, which is rebuilding under Taiwan's Foxconn. The world's biggest contract electronics manufacturer, formally known as Hon Hai Precision Industry Co Ltd, bought two-thirds of Sharp for 388.8 billion yen in August. read the rest here