Struggling Japanese electronics giant Sharp said Thursday it shrunk its net loss between April and June, while returning to the black at the operating level.
The maker of Aquos-brand electronics reported a net loss of 17.98 billion yen ($183 million) in its fiscal first quarter, against a net loss of 138.4 billion yen a year earlier.
Operating profit came in at 3.01 billion yen, against a loss of 94.13 billion yen a year before, it said.
Sales climbed to 607.91 billion yen, up almost 33 percent, Sharp said.
Sharp credited its improved results to cost cuts and rising sales of products such as smartphones and solar batteries equipped with its prized IGZO screen technology.
The Osaka-based firm left unchanged its full-year forecast, estimating a net profit of 5.0 billion yen on sales of 2.7 trillion yen.
Sharp has been hammered by credit rating downgrades and record losses, which saw the century-old firm warn last year it may not survive the downturn.
It has since said its future was no longer in doubt as it embarks on a painful restructuring including thousands of job cuts and slashing wages from the factory floor to the boardroom.
In a bid to stay alive, the company has inked capital tie-up deals with foreign firms including South Korea’s Samsung Electronics and US-based Qualcomm.
Sharp says April-June net loss shrinks to $183 million
