Data provided by McGregor BFA
All data is delayed
Loading...
See More

Sharp to axe 5 000 jobs, first since 1950

Aug 02 2012 10:26 AFP

Related Articles

LCD makers settle price-fixing case

Sharp forecasts $3.8bn loss

Sharp expects post-quake loss

Pioneer posts sharp profit hike

Sony posts record full-year loss

Sony to axe 10 000 jobs globally

 

Tokyo - Japan's Sharp will slash 5 000 jobs by March, reports said on Thursday, its first cuts since 1950 as it is hit by a prolonged slump in its key television and liquid crystal display sectors.

The firm, which employs 57 000 people globally, has seen operations suffer amid worries over high energy prices, a high yen, slow domestic demand and global economic uncertainty.

It had originally considered cutting about 3 000 domestic jobs, but decided to expand the scope to include worldwide operations to accelerate a management restructuring, Kyodo News said.

Meanwhile, Sharp executives will take pay cuts of 20%-50%, compared with originally planned 10%-30%, Kyodo and broadcaster NHK said.

A Sharp spokesperson declined to comment on the reports, but said president Takashi Okuda will address the media from 0900 GMT in Tokyo, three hours after posting its April-June earnings.

Sharp is expected to announce a quarterly net loss around ¥100bn, the Nikkei business daily said last month.

The firm expects to end this fiscal year in the red after logging a record $4.7bn net loss up to March 2012 as global sales of its LCD televisions slumped.

However, Sharp has expressed hope that increased efficiency and synergy with new Taiwanese partner Hon Hai Precision should help it return to operating profit of ¥20bn in the year to March 2013.

sharp  |  retrenchments
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

ANCYL: Not voting would be blasphemy

Not voting in the forthcoming elections would be blasphemy, the ANCYL says in a statement commemorating the 50th anniversary of struggle icon Nelson Mandela's Rivonia trial speech.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...