Sharp posts fourth straight quarterly profit

A logo of Sharp Corp is pictured at the Combined Exhibition of Advanced Technologies Japan 2016 at the Makuhari Messe in Chiba, Japan, on Oct 3, 2016. (Reuters photo)

TOKYO: Japan‘s Sharp Corp reported its fourth consecutive quarter of net profit on Friday and lifted its annual forecast, as efforts to rebuild lost presence in the global electronics market began to pay off.

“Sales of TVs were very strong in China,” executive vice-president Katsuaki Nomura told an earnings briefing. “Demand was also solid for displays for smartphones and tablets.”

Sharp, a supplier to Apple Inc, posted net profit of ¥20.2 billion (5.9 billion baht or $177 million) for the three months through September, reversing a year-earlier loss of ¥17.9 billion.

The result compared with the ¥14.62-billion average of five analyst estimates in a Thomson Reuters poll.

Sharp, now owned by Taiwan‘s Foxconn, lifted its profit forecast for the year through March to ¥69 billion yen from an initially estimated ¥59 billion.

If achieved, that would be its first annual profit in four years. It posted a loss of ¥24.9 billion a year prior.

Sharp, once the dominant leader in liquid crystal display panels, fell into a crisis amid price competition with Asian rivals, but Foxconn‘s acquisition last year and its cost-cutting drive have put the firm on a recovery track.

It is now hoping to regain a technological edge in ultra-high resolution television sets, smart housing devices and advanced displays for medical equipment and security systems.

The company in June applied for relisting on the first section of the Tokyo Stock Exchange.

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