Advertisement

HindustanTimes Mon,29 Dec 2014

Sharp to cut 5,000 jobs, first since 1950: reports

AFP  Tokyo, August 02, 2012
First Published: 11:57 IST(2/8/2012) | Last Updated: 11:59 IST(2/8/2012)

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

Advertisement

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 spokeswoman 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 100 billion yen ($1.27 billion), the Nikkei business daily said last month.

The firm expects to end this fiscal year in the red after logging a record $4.7 billion 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 20 billion yen in the year to March 2013.


Advertisement
more from Business

No violation of safety norm or unfair seat allotment: Air India

Air India on Saturday said its fight safety wing is looking into the issue of a daughter of a senior pilot resting in a bunk, meant only for use of flight crew members, during one of its flights to Newark from Mumbai recently.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved