TOKYO (Reuters) - Japan's Sharp Corp posted a near tripling in nine-month operating profit on a jump in television sales ahead of the reduction of government subsidies in its home market, and kept its annual outlook unchanged.
The company benefited from increased sales in Japan for a wide range of energy-efficient consumer electronics ahead of a cut in government subsidies from December, but overseas earnings were hurt by a strong yen and stiff foreign competition.
The manufacturer of Aquos LCD TVs kept its operating profit forecast at 90 billion yen for the year to March, higher than the consensus of 84.1 billion yen in a poll of 23 analysts by Thomson Reuters I/B/E/S.
Sharp, which makes a slew of electronics products and their components from audio systems to solar cells, had lowered its annual profit forecast by a quarter in October, citing a stronger yen and weaker demand for LCD panels.
Sharp shares have risen 3.0 percent so far this year through Wednesday, outperforming a 1.7 percent rise in the Tokyo stock market's electrical machinery index.