Japan’s Sharp re­turns to profit for Q2

Muscat Daily - - BUSINESS -

Ja­panese elec­tron­ics maker Sharp said on Fri­day it swung back to profit for the three months to June thanks to cost­cut­ting ef­forts un­der Tai­wan’s Hon Hai.

The Tai­wanese com­pany, bet­ter known as Fox­conn, last Au­gust ac­quired the Ja­panese in­dus­trial main­stay which had been pum­melled by huge losses and mount­ing debts, tak­ing a 66 per cent stake for US$3.7bn.

The first for­eign ac­qui­si­tion of a ma­jor Ja­panese elec­tron­ics firm marked a wa­ter­shed for Japan’s on­cemighty home elec­tron­ics sec­tor, which nur­tured global brands in­clud­ing Sony and Pana­sonic but has strug­gled in the face of grow­ing com­pe­ti­tion.

Newspapers in English

Newspapers from Oman

© PressReader. All rights reserved.