Sharp Gains on Report of Quarterly Operating Profit
Sharp Corp. (6753), Japan’s biggest maker of liquid-crystal displays, jumped the most in two weeks in Tokyo trading after the Mainichi newspaper reported it expects to post an operating profit for the first time in five quarters.
Sharp rose as much as 12 percent, the biggest gain since Dec. 26, to 328 yen before trading at 324 yen as of 9:16 a.m. on the Tokyo Stock Exchange. The Osaka, Japan-based company had an operating profit of about 20 billion yen ($224 million) in the three months ended Dec. 31, Mainichi reported, without saying where it got the information.
The company isn’t the source of the report and plans to report earnings Feb. 1, it said in a statement.
Sharp may get as much as 200 billion yen in additional loans from Mizuho Corporate Bank Ltd. and the Bank of Tokyo- Mitsubishi UFJ Ltd. in September when its 200 billion yen in bonds will mature, the Asahi newspaper reported earlier today. Sharp boosted sales in each of the last four months from a year earlier, helped by recovering demand for televisions, the company said Jan. 7.
The maker of Aquos TVs warned in November about its ability to survive after hemorrhaging 103 billion yen in cash from operations in the fiscal first half amid competition from Samsung Electronics Co. (005930) Sharp, the worst performing stock in the Nikkei 225 (NKY) Stock Average in 2012, will disclose its strategy for increasing capital in a medium-term plan by March 31, President Takashi Okuda said Jan. 7.
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