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Japan's Sharp halves full-year profit forecast as virus hits tech demand

FILE PHOTO: A logo of Sharp Corp is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at the Makuhari Messe in Chiba, Japan, October 3, 2016. Picture taken October 3, 2016. REUTERS/Toru Hanai

TOKYO (Reuters) - Japan’s Sharp Corp, an Apple Inc supplier, cut its full-year profit forecast by 48% on Friday, as demand for technology devices took a hit from the coronavirus outbreak.

Sharp, which makes sensors, camera modules and screens for Apple’s iPhones, expected annual operating profit in the year ended in March to come in at 52 billion yen ($489 million), down from its previous forecast of 100 billion yen.

The company, a unit of Taiwan’s Foxconn, said the coronavirus outbreak hurt operations of its suppliers, disrupted production and distribution of components and hit sales.

Net profit is seen at 20 billion yen, down 75% from its earlier forecast of 80 billion yen.

Reporting by David Dolan; Writing by Miyoung Kim; Editing by Jacqueline Wong

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