April 28, 2017 / 6:13 AM / 5 months ago

Japan's Sharp posts narrower loss for the year, cost cuts paying off

TOKYO, April 28 (Reuters) - Sharp Corp on Friday reported a narrower annual loss for the year ended in March, as a cost-cutting drive by Taiwanese owner Foxconn started to show results.

The liquid crystal display manufacturer booked an annual net loss of 24.9 billion yen ($224.04 million), which was much less than the 255.97 billion loss the previous year.

The results beat expectations for a 28.4 billion yen loss forecast by an average of nine analysts surveyed by Thomson Reuters.

In the fourth quarter, net profit was 16.2 billion yen, marking the second consecutive profitable quarter after two years of losses.

Sharp said it will give its outlook for the current fiscal year on May 26.

Executive Vice-President Katsuaki Nomura told reporters it was considering investing in the chip unit of beleaguered Japanese conglomerate Toshiba, although nothing had yet been decided.

Following its successful acquisition of Sharp last year, Foxconn is bidding for the unit, which is the world’s second-largest NAND chip maker behind Samsung Electronics Co Ltd . ($1 = 111.1400 yen) (Reporting by Sam Nussey; Editing by Randy Fabi)

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