Japan’s Sharp reports 37% profit drop, gives no forecasts

FILE PHOTO – A logo of Sharp Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai

TOKYO (Reuters) – Japan’s Sharp Corp, an Apple Inc supplier, reported a 37% decline in annual operating profit and refrained from releasing an earnings outlook for the current year because of uncertainty over the novel coronavirus impact.

Sharp, which makes sensors, camera modules and screens for Apple’s iPhones, said operating profit came in at 52.7 billion yen ($491 million) for the year ended in March, falling for the second consecutive year.

The company, a unit of Taiwan’s Foxconn, flagged the weak annual profit earlier this month as the coronavirus outbreak disrupted its supply chains for display panels and other components.

Reporting by Kevin Buckland; Editing by Christian Schmollinger

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