Sharp Corp. said Wednesday it booked its second straight profitable quarter in October-December, its cost-cutting efforts bringing it back from large losses even as sales of flat-screen TVs and other products stayed flat.
Sharp booked a net profit of ¥9.1 billion during its third quarter, after a ¥65.8 billion loss a year earlier. The turnaround came despite a tepid uptick in sales, to ¥735.3 billion from ¥735.1 billion.
The Osaka-based electronics company is one of the world's largest makers of flat-panel TVs, competing with rivals like Samsung Electronics Co. of South Korea, and its factories also supply panels for other major players like Sony Corp.
Hit with major losses a year ago as the global economy slumped and wary consumers cut spending on luxury electronics, Sharp has implemented major cost-cutting measures.
The results showed in its main TV and wireless division, which includes its LCD TVs and accounts for over half of its revenue. The business saw operating profit recover to ¥4.9 billion during the quarter, up from a ¥21.8 billion loss a year earlier, even as revenue slipped slightly.