Sharp ends fiscal year with no profit

Japanese electronics maker Sharp announced a $3.8 billion loss due to falling prices, a high yen and the global economic downturn.

"Falling prices of products and devices such as LCD TVs and solar panels, as well as a sharp rise in the yen" led to the decline in revenue, the company said in a statement.
The same difficulties are being experienced by its competitors, most of whom have failed to turn a profit.
TVs from major manufacturers such as Sony, Toshiba and Panasonic saw prices fall due to stiff competition from Samsung.
Hitachi stopped making TVs altogether at the end of this year.
Also, Japanese firms have been hit hard by sluggish demand for TVs in their country, following record sales last fiscal year, caused by government subsidies, for the country's transition to digital over-the-air broadcasting.

Based on foreign press for ForTrader.org