Japanese consumer electronics make Sharp admitted that there was “material doubt” about its ability to stay in business as it warned of a second year of record losses.
The century-old Japanese company said it expected to end the financial year to March with a net loss of Y450 billion ($5.6bn), worse than the Y250bn loss it had predicted in August. Last year it lost Y396 billion. The losses are blamed on failed investments in liquid-crystal display manufacturing.
Along with Sony and Panasonic, Sharp has been devastated as prices for flatscreen televisions and other CE devices have plunged worldwide. A strong yen and competition from lower-cost manufacturers elsewhere in Asia have weighed it down.