Sharp reports mixed fiscal 2023 results
May 14, 2024
The financial results for Sharp Corporation for Fiscal 2023 reveal several challenges and some areas of progress.
Sharp experienced a decrease in net sales, declining by 8.9% year-on-year to ¥2,321.9 billion ($16.05 billion/ €14.81 billion). This drop was primarily due to significant decreases in the Display Device and Electronic Device segments.
The company reported a loss in operating profit of ¥20.3 billion ($0.14 billion/ €0.13 billion), a contrast from the previous fiscal year. The operating margin also decreased, reflecting ongoing challenges in profitability. Sharp faced a substantial bottom-line loss of ¥149.9 billion ($1.04 billion/ €0.96 billion). This loss was significantly impacted by an impairment loss related to the Display Device segment.
The Smart Office segment of Sharp Corporation showed a notably positive performance in Fiscal 2023 compared to other segments. This segment saw a significant increase in sales, which rose by 3.6% year-on-year, totalling ¥582.0 billion ($4.02 billion/ €3.71 billion). This growth contrasts sharply with the overall decrease in net sales experienced by the company. The Smart Office segment experienced an impressive increase in operating profit, which surged by 104.3%, rising from a previous year to reach ¥29.6 billion ($0.20 billion/ €0.19 billion).
The increase in sales and profitability was largely driven by capturing office demand, particularly in Europe and the U.S. The report mentions structural reforms, which may include strategic adjustments in operations or cost structures that have enhanced efficiency and profitability in this segment.
Categories : City News
Tags : Business Financials OEM Sharp
