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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (32838)	9/25/1998 9:25:00 AM
From: Joseph G.	Respond to of 132070

Easy Al should tell Sharp minds not to mention "global recession" lest the public might get spooked ... <<OSAKA, Japan, Sept 25 (Reuters) - Japanese electronic parts and appliances maker Sharp Corp on Friday said it expected a steep drop in profits as deepening economic gloom in Japan and the rest of the world dimmed its earnings outlook. The company said it expected a consolidated net profit of 2.5 billion yen ($18.5 million) in the half-year to September 30, down sharply from 20.3 billion yen a year earlier. ''The environment is becoming increasingly harsh, with a global recession seen likely as Japan's domestic slump is compounded by economic woes in Asia and financial crisis in Russia,'' the company said in a statement. Sharp joins a string of household names in Japan's electronics and semiconductor industries that have warned of losses or sharply lower profits this year, including industry leader Hitachi Ltd which earlier this month forecast a 1998/99 loss of 250 billion yen. Nikon Corp , a manufacturer of cameras and chipmaking equipment, also said on Friday it expected a consolidated net loss of 12 billion yen in 1998/99. Sharp said that, although several divisions like minidisc players, facsimiles and optics remained strong, a slump in video equipment sales and bigger-than-expected declines in prices for chips and liquid crystal displays were eroding profits. Sharp senior managing director Hiroshi Saji told a news conference the company's display division barely broke even in the first half of the fiscal year, although he expected prices to level off in the second half. Chip prices, however, were expected to remain soft, he said. He added that the company would retain its plans to pay a six-yen interim dividend in both the first and second halves of the current fiscal year, and was not considering shutting down any plants or laying off workers. Sharp plans to trim capital spending on a consolidated basis for the current business year to 115 billion from a previously planned 142 billion yen.>>