TOKYO/TAIPEI :Shares of Taiwan's Foxconn and Sharp Corp, the Japanese electronics maker it holds a 34 per cent stake in, fell on Friday after Sharp reported a surprise $1.9 billion loss on writedowns of its panel display business and other assets.
Foxconn, the world's largest contract electronics maker, on Thursday attributed a 56 per cent slump in first-quarter profit to a T$17.3 billion writedown related to its stake in Sharp and said visibility for the full year was limited. Sharp said it took a hit of 220 billion yen as it wrote down the value of building and machinery in both its LCD and OLED display businesses in Japan, and other assets.
Foxconn Chief Financial Officer David Huang said on an earnings call on Thursday that Foxconn was Sharp's largest shareholder, but noted it did not have the majority vote in the Japanese company.Sharp's CEO Wu Po-Hsuan previously worked for the Taiwanese company.
Source: News Formal (newsformal.com)
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