Sharp shares soar 10pct on brighter earnings report

April 11, 2013 | 14:36

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Shares in struggling Japanese electronics maker Sharp jumped 10 percent Thursday after a media report that its second-half earnings figures will be better than expected.

File photo of Sharp's headquarters in Osaka, western Japan. (AFP/File - Jiji Press)

TOKYO: Shares in struggling Japanese electronics maker Sharp jumped 10 percent Thursday after a media report that its second-half earnings figures will be better than expected.

Sharp's stock was up 10.00 percent at 319 yen on the Tokyo Stock Exchange in early trade following the report in the Nikkei business daily.

The daily said Sharp was likely to report more than 20 billion yen ($200 million) in group operating profit from October 2012 to March 2013, reversing a year-before loss of 71.1 billion yen.

The figure would surpass Sharp's profit projection of 13.8 billion yen after payroll cutbacks and increased sales of LCD panels to Samsung Electronics, following its capital tie-up with the South Korean giant.

Sharp did not confirm the report. The firm only said it would announce earnings for the year to March on May 14.

AFP

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