Japanese Electronics Makers Hit by China Slowdown in April-June
Tokyo, Aug. 1 (Jiji Press)--Major Japanese electronics makers' earnings in April-June were dragged down by an increasingly visible economic slowdown in China amid its lingering trade friction with the United States, according to the firms' latest quarterly reports.
Sony Corp. <6758>, Panasonic Corp. <6752>, Mitsubishi Electric Corp. <6503>, Fujitsu Ltd. <6702> and Sharp Corp. <6753> reported double-digit net profit declines year on year for the fiscal first quarter, while the five plus Hitachi posted lower sales.
"The U.S.-China friction affected demand from certain customers (including in China)," Sharp Executive Vice President Katsuaki Nomura told a press conference on Thursday.
Sharp reported a group net profit of 12,543 million yen, down 34.7 pct from a year before, on sales of 514,992 million yen, down 3.5 pct.
Orders for electronic components and car-mounted display panels decreased in line with a fall in smartphone sales in China, as well as shrinkage in its automotive market, according to the company.
[Copyright The Jiji Press, Ltd.]