Sharp aims to boost profit rather than seek new issue

BLED

BLED Japanese electronics firm Sharp yesterday announced that it would bolster its depleted finances by boosting profits rather that consider a public share offering.

A Japanese newspaper report from April said that the firm was considering an issue to secure an additional ¥200bn (£1.15bn) to improve its finances. However, Sharp president Kozo Takahashi said this would “not make any sense” so soon after an offering last year, which raised about ¥140bn.

He added: “We will build up our capital by boosting our profits.”

Sharp has projected a rise in net profit to ¥30bn in the year to next March from last year’s ¥11.6bn, as it seeks to turn around its fortunes after posting a massive ¥545.4bn net loss in the year to March 2013.