Sharp blunted by lower profits
Electronics maker Sharp suffered a drop in profits of 18.3 per cent for its latest quarter, it reported this morning.
An increase in Japanese consumption tax, the country's equivalent of the UK's VAT, and levied on most of its products, was blamed for the drop, to 24.5 billion yen (£140.1million).
Nevertheless, the fall in demand for its household goods was compensated for in part by a more than tripling in business at the company's liquid crystal display (LCD) panels division. The panels are integral parts of most of the world's smartphones.
Reuters news agency reported that this is becoming an increasing focus for the business, as it aims to cut its reliance on white goods and TV sales, where it faces stiff competition from a number of cheaper Asian rivals.