OREANDA-NEWS. Sharp Corporation announced financial results for the second quarter ended September 30, 2014.

During the six months ended September 30, 2014, the Japanese economy showed moderate recovery, along with a steady improvement in the employment situation, despite a downturn in personal consumption stemming from bad weather and slow demand after the consumption tax hike. In overseas markets, overall conditions were solid, with a moderate pickup in China and emerging countries as well as stable growth in the U.S., although some European nations showed weakness.

Amid these circumstances, the Sharp Group has worked to create and strengthen sales of original products and distinctive devices that meet our customers' needs, such as "AQUOS CRYSTAL" smartphones, Ocha-Presso, a household tea machine, and IGZO LCDs.

Sharp also pursued management improvement on a company-wide basis, including an inventory optimization, radical cut in total costs, and structural reform in Europe.

As a result, consolidated financial results for the six months recorded net sales of 1,327.6 billion yen, down 1.1% compared to the same period in the previous year, and operating income of 29.2 billion yen, down 13.6%.

Net income was 4.7 billion yen, an improvement from a loss of 4.3 billion yen. Main items in other income (expenses) were a reversal of provision for loss on litigation of 19.2 billion yen, a settlement of 14.3 billion yen on solar cell business in Europe, and restructuring charges of 5.7 billion yen on consumer electronics business in Europe.

Also, Sharp redeemed the 24th series of unsecured straight bonds in the amount of 100 billion yen in September 2014.