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Sharp says expects first profit in four years on Foxconn's cost cuts
May 26, 2017 / 6:11 AM / 7 months ago

Sharp says expects first profit in four years on Foxconn's cost cuts

CHIBA, May 26 (Reuters) - Japan’s Sharp Corp said on Friday it expects to report its first net profit in four years in the year through March 2018 due in part to cost-cutting under the control of Taiwan’s Hon Hai Precision Industry Co Ltd (Foxconn).

The liquid crystal display manufacturer forecast profit of 59 billion yen ($529.67 million), reversing a loss of 24.9 billion yen a year earlier.

The outlook compared with the 41.9 billion yen average of nine estimates from analysts surveyed by Thomson Reuters.

Sharp also said it targets operating profit of 150 billion yen through the year ending March 2020. ($1 = 111.3900 yen) (Reporting by Makiko Yamazaki; Editing by Christopher Cushing)

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