Japan's Sharp Logs $17.4 Million First-Quarter Net Loss

Sharp said Friday it logged a $17.4 million net loss for the three months to June, but added it still expected a full-year profit as the Japanese electronics giant tries to move past years of record losses.

The Osaka-based company lost 1.79 billion yen in the period, well down from a 17.98 billion yen shortfall a year ago, which it said was largely due to one-time factors.

Sharp was profitable on the operational side and said it was still on track to earn 30 billion yen in the fiscal year through March.

Sales in the latest quarter came in at 619.7 billion yen, up 1.9 percent on year, as sales of its television rose, particularly in China, while it saw an operating profit of 4.6 billion yen, against 3.01 billion a year earlier.

Sharp has been undergoing a huge restructuring process to pare losses largely tied to its ailing electronics business.

The company had swung back to profit for its latest fiscal year after two years of huge losses, thanks to stronger sales and cost-cutting.