Sharp posts $1.4 billion loss for the year, refocuses on mobile displays
Sharp has announced that it made a loss of 117.1 billion yen ($1.4 billion) for the financial year ending March 2012. It comes after the company sold part of its LCD manufacturing business to Hon Hai, Sony withdrew from a joint venture and refused to deal with Sharp in the future, plus an 86 percent collapse in profits. The company has cited restructuring costs and inventory losses as the causes for the drop, but projected that its TV business would lose a further 18.7 percent of its projected sales in the current year. The company has decided to convert some of its big-screen LCD production lines into mobile LCDs as it tries to reassert its dwindling display business.