Tags: Solar | Panel | Demand | Sharp

Solar-Panel Demand Gives Sharp First Profit Since 2011

Thursday, 31 Oct 2013 07:06 PM

Sharp Corp., the Japanese television maker that reported a record loss last year, posted its first quarter of profit since 2011 on rising demand for its solar panels.

Net income was 13.6 billion yen ($138 million) in the three months ended Sept. 30, compared with a net loss of 249 billion yen a year earlier, according a statement by the Osaka-based company. That’s more than the median estimate by three analysts surveyed by Bloomberg News for an 8 billion yen profit.

Sharp is benefiting from booming demand for solar panels in Japan, which started an incentive program for alternative energy production last year. The company cited robust sales of solar cells and camera modules when narrowing its first-half loss projection in September before raising more than $1 billion in its first public share sale since 1979.

Net loss in the first half was 4.33 billion yen, compared with the company’s projection for a 10 billion yen deficit and a 157.8 billion yen loss a year earlier.

Solar panel demand is climbing in Japan, which is promoting wider use of renewable energy instead of nuclear power, and China, where the government expects its installed capacity to double this year. The two countries will be the top solar markets this year, according to New Energy Finance.

Sharp raised 113.8 billion yen its first public equity offering since 1979. It also raised 17.5 billion yen in three sales of new shares to business partners including Makita Corp. and Denso Corp.

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Sharp Corp., the Japanese television maker that reported a record loss last year, posted its first quarter of profit since 2011 on rising demand for its solar panels.
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2013-06-31
Thursday, 31 Oct 2013 07:06 PM
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