Sharp To Record $475 Million Losses On Stock Drops

Sharp To Record $475 Million Losses On Stock Drops

Sharp expects to record extraordinary losses of around ¥43.2 billion (US$475 million) this year as a result of writedowns in the value of stock it holds in other companies, it said Tuesday.
The company said in a statement that it will make the writedowns "since their fair market value has declined significantly and is unlikely to recover in the future."



The company didn't specify the specific shares it would write down but a report in the Tuesday morning edition of the Nikkei business daily said it was those of Pioneer. Sharp bought 30 million shares in Pioneer about a year ago for ¥1,385 per share but the stock closed 2008 trading on Tuesday at ¥163.