TOKYO -- Sharp on Friday booked an operating profit of 62.45 billion yen ($561 million) for the fiscal year ended in March -- the company's first operating profit in three years. The previous year's figure was an operating loss of 161.96 billion yen.
The Japanese electronics maker has been restructuring under its Taiwanese owner Hon Hai Precision Industry.
Speaking at a news conference in Tokyo, Sharp's Executive Vice President Katsuaki Nomura explained the recovery is owed to cost cuts and structural reform. He also cited synergy effects of the partnership on some consumer electronics items.
Net earnings, however, saw a loss of 24.87 billion yen, partly due to an impairment loss on its display business. The loss narrowed from the previous year's 255.97 billion yen.
Nomura said Sharp will announce this fiscal year's earnings projection on May 26, when it will reveal its mid-term management plan. "I believe we can book a net profit," he said.