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Japan's Sharp returns to full-year profit

Struggling Japanese electronics maker Sharp said Monday it had swung back to profit for the full year to March after two years of huge losses, thanks to stronger sales and cost-cutting.

TOKYO: Struggling Japanese electronics maker Sharp said Monday it had swung back to profit for the full year to March after two years of huge losses, thanks to stronger sales and cost-cutting.

The Osaka-based company booked a 11.56 billion yen (US$114 million) net profit in the 12-month period, reversing an eye-watering net loss of 545.35 billion yen a year earlier.

Sales jumped 18.1 per cent to 2.93 trillion yen on brisk demand for panels, including its popular "IGZO" displays for smartphones.

At the operating level, it also achieved a profit of 108.56 billion yen, compared with an operating loss of 146.27 billion yen the previous year.

Sharp has been undergoing a huge restructuring process to pare losses largely tied to its ailing electronics business.

For the current year to March next year, it now forecasts 30 billion yen net profit and 100 billion yen operating profit on 3 trillion yen sales.

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