Results for the Three Months Ended June 30, 2011
During the three months ended June 30, 2011, profits were down significantly compared to the same period of the previous year, due to the effects of the temporary suspension of glass substrate input at our large-size LCD panel plants. However, sales and profits were on track nearly according to the forecast previously announced on June 3, 2011. For the second quarter and beyond, Sharp will steadily pursue LCD business restructuring to achieve the announced forecast. The initiatives to be taken include working to expand business with a focus on mobile LCDs, an area where Sharp has a technological advantage.
Consolidated financial results for the first quarter recorded net sales of 640.3 billion yen, down 13.7% compared to the same period last year, and falling short of the previously announced forecast by 1.5%. Operating income was 3.5 billion yen, down 84.4% over the same period last year. However, this represented an increase of 1.5 billion yen over the forecast. For the same period, a net loss of 49.2 billion yen was recorded due to restructuring charges and others, as well as a loss on suspension of large-size LCD plant operation. However, this was an improvement of 0.8 billion yen over the projected net loss of 50.0 billion yen of the forecast.
Even as the exchange rate value of the yen continued to remain higher than our initial assumptions, we were still able to largely achieve the figures for the first quarter as previously announced.
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