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Tuesday, Nov. 6, 2012

'Material doubt' wording in English report revised

Staff writer

Sharp Corp. on Monday changed its English translation of last week's financial report, which stated there was "material doubt" in the company's "assumed going concerns," claiming there is no uncertainty about its ability to continue business.

In a move considered rare, Sharp retracted the sentence in its earlier English version that said the company "is in circumstances in which material doubt about its assumed going concern is found."

The phrase in the quarterly earnings report stunned some English media, thereby boosting uncertainty about the electronics giant and triggering selling of Sharp shares.

Sharp changed the English version Monday to say "there exist conditions which might raise uncertainties about Sharp being an assumed going concern. However, we judge that no uncertainties about Sharp's ability to continue as a going concern will exist." It did not revise the original Japanese version.

In its quarterly earnings report, the cash-strapped maker said last Thursday that group net loss for the business year to March is expected to reach a record ¥450 billion due to shrinking demand for its main products. It also logged a ¥168 billion group operating loss and ¥387 billion net loss for the six-month period ending Sept. 30.

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The Japan Times

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