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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Sharp says to book extra loss of nearly 500 mln dlrs AFP - Wednesday, December 31 TOKYO (AFP) - - Japanese electronics maker Sharp Corp. said Tuesday it expected an extraordinary loss of nearly 500 million dollars, as the value of a financial investment plunged. Sharp said it would book 43.2 billion yen (480 million dollars) in impairment losses in the quarter ending December 31 as the value of securities "declined significantly and is unlikely to recover in the future." The company's full-year forecast "is currently being examined and will be announced when the outlook becomes clearer," a Sharp statement said. Sharp did not specify the cause of the loss. But the Nikkei business newspaper said it stemmed from its investment in December 2007 in troubled fellow Japanese electronics firm Pioneer Corp. Pioneer's share price has tumbled nearly 90 percent in 2008, during which Tokyo's benchmark Nikkei index posted its biggest-ever percentage fall due to the global financial crisis. The Nikkei said that Sharp was also paying for the 120 million dollar fine slapped by US authorities last month for fixing prices of liquid crystal display (LCD) screens with its competitors. The global economic slowdown has badly hit Japan's electronics makers, which rely on demand for their products overseas. Sharp in October projected net profit in the current financial year would drop 44.2 percent to 60 billion yen. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Airlines 'shrinking by all measures' - IATAReuters - 24 minutes ago Rosneft expects its '09 oil output to grow slightlyReuters - 28 minutes ago Gaza dominates Gulf leaders summitAP - 31 minutes ago World markets gain, led by higher energy stocksAP - 36 minutes ago Indian 10-yr bond yield falls to lowest since May '04Reuters - 36 minutes ago Enlarge Photo Sharp says to book extra loss of nearly 500 mln dlrs Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Obama economic plan to cost between 675 and 775 bln: aides Two thousand and strange: offbeat stories of the year Natural disasters 'killed over 220,000' in 2008 International community piles pressure on Israel View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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