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Japan’s Sharp loses $1.9 billion due to writedown

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Foxconn’s (2317.T) Japanese electronics subsidiary Sharp Corp (6753.T) reported a $1.9 billion annual loss on Thursday due to the write-down of the value of its panel display division and other assets.

The iPhone supplier recorded a group net loss of 261 billion yen ($1.9 billion) in the fiscal year ending in March, down from a profit of 74 billion yen in the prior year.

A dividend from the corporation has been ruled out.

Sharp reported a loss of 220 billion yen due to writedowns in the value of its software, machinery, and buildings in China, Europe, Japan, and the United States, despite marginally higher sales.

It explained that a decline in profits caused the writedown.

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