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Sharp’s Solar Business Posts 5.3 Billion Yen Operating Loss

Nov. 1 (Bloomberg) -- Sharp Corp. suffered a 5.3 billion yen ($66 million) operating loss at its solar cell and module business, even as revenue rose, on rising competition.

Net sales of solar products rose 22 percent to 51.1 billion yen in its fiscal second quarter ended Sept. 30 from the prior three months, the Osaka-based company said today in a statement.

The company will expand in Japan and shift focus to Asia from Europe and the U.S., President Takashi Okuda told reporters in Tokyo. Japan started up an incentive program for generation of clean energy, including solar and wind, from July.

Sharp is studying its options for Recurrent Energy LLC, a U.S. solar developer it bought in 2010 for $305 million, Okuda said separately. Kyodo News said in September the company plans to sell Recurrent for 25 billion yen as part of a restructuring.

Sharp sold solar cells and modules capable of producing 289 megawatts of power in the second quarter, up 15 percent from the previous three months, according to a company presentation.

To contact the reporters on this story: Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net; Naoko Fujimura in Tokyo at nfujimura@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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