(MENAFN) Sharp Electronics said it revised down its financial year profit forecast, warning that it would lose USD256 million, largely due to a slump in its television unit, AFP reported.
The Japanese firm said it now predicts to log a USD255.3 million shortfall in the year to March 2015, following an earlier forecast of a profit of the same amount, while sales could hit USD24.67 billion.
The maker of Aquos brand electronics, which lost USD61.27 million in the January-December period, had warned earlier that its full-year earnings would miss previous forecasts on a fierce competition.
"We revised the previously announced forecast as we anticipate worsening profits. In response, we will take drastic cost-cutting measures and undertake a review of unprofitable businesses" Sharp said.
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