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Sharp swings to 1st quarterly net profit in over 2 years
February 3, 2017 / 6:11 AM / 10 months ago

Sharp swings to 1st quarterly net profit in over 2 years

TOKYO, Feb 3 (Reuters) - Sharp Corp posted its first quarterly net profit in over two years on Friday as the Japanese liquid crystal display (LCD) maker pressed ahead with cost-cutting measures under the ownership of Taiwan’s Foxconn.

Net profit was 4.2 billion yen ($37.15 million) for October-December, compared with a 24.7 billion yen loss in the same period a year earlier. It was the first profit on a net basis since July-September 2014.

The result missed a Thomson Reuters Starmine SmartEstimate of 4.6 billion yen drawn from four analysts. SmartEstimates give greater weight to recent forecasts by top-rated analysts. ($1 = 113.0400 yen) (Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman)

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