Sharp swings to Q1 operating loss, exits TV market in Americas
TOKYO, July 31 (Reuters) - Japan's Sharp Corp on Friday reported a bigger-than-expected quarterly operating loss and said it was exiting the TV business in the Americas in an attempt to shore up its finances after a bank-led bailout in May.
The company said it would sell its TV manufacturing plant in Mexico and license its Aquos brand in the Americas to China's Hisense, effectively withdrawing from the region's TV market. It said it could not yet determine the financial impact of the sale.
Sharp booked a 28.8 billion yen ($232 million) loss for the April-June first quarter, compared with a 4.7 billion yen profit a year earlier. That was worse than the 21.2 billion yen average loss estimate of 14 analysts polled by Reuters. ($1 = 124.1000 yen) (Reporting by Ritsuko Ando; Editing by Edwina Gibbs)
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