Japan’s Sharp Corp. will post a net income loss of 250 billion yen ($2.3 billion) for the year through March, according to the Mainichi newspaper. The company had previously said it expects a loss of 170 billion yen on an operating level.
Sluggish sales at the firm’s display and solar battery units were given as reasons in the report by Mainichi, which didn’t say where it got the information. An inventory adjustment -- part of restructuring efforts by Sharp’s new owner, Foxconn Technology Group -- was also to blame and Sharp’s debt may exceed its assets as a result, the newspaper said. read the reset here