Sharp Corporation announced the revision of its consolidated financial results forecast for the year ending 31 March 2020.
Initially Sharp announced its forecast on 4 February, predicting total net sales of ¥2,450 billion ($22.83 billion/ €21.11 billion) for the fiscal year ending 31 March 2020. In its revision announcement, Sharp lowered this to ¥2,270 billion ($21.15 billion/ €19.56 billion). Operating profits were revised down 48% to ¥48 billion ($447 million/ €413 million).
The company announcement said: “The Company has revised the forecast for net sales, operating profit, and profit attributable to owners of parent for the year ending 31 March 2020 downward from the forecast originally announced on 4 February 2020.
“The reasons for the revision are based on the impacts of the infection spread of the new coronavirus since the end of January (such as production slowdown in customers’ factories for the Company’s device business including displays, as well as constrained production, distribution and sales activities for the Company’s product business), the increase in the retirement benefit expenses, and the reporting of the loss on valuation of investment securities.”
