Sharp posts 35 percent profit drop

Japan's Sharp Corp said on October 30 its net profit in the first half slumped 35 percent due to the global economic downturn that has eroded demand for its products and forced prices down. The company said in a statement that net profit fell to 28 billion yen (286 million dollars) for the six months to September 30.
Operating profit dropped 35.8 percent to 50.76 billion yen on sales of 1.56 trillion yen, down 4.8 percent from the same period last year. "Due to heightened financial uncertainty and a faster slowdown of the global economy, the electronics industry is expected to face severe competition. We expect the business environment to continue to remain severe," Sharp said.
Profit from its electronic devices division was eroded by price drops despite strong sales of Blu-ray next-generation DVD recorders and liquid crystal display (LCD) televisions, the statement said.