OREANDA-NEWS. Sharp Corporation announced consolidated financial results for the second quarter ended September 30, 2013.

During the six months ended September 30, 2013, the Japanese economy was on a way to recovery with improved corporate earnings and signs of picking up in consumer spending, as well as corporate investment, supported by the economic policy and monetary measures under the Abenomics scheme. Overseas, economies were on a moderate recovery path, with An upswing in the U.S. and Europe, along with the China starting to show steady growth, although emerging markets faced slowdown in their growth.

Amid these circumstances, the Sharp Group has worked to create and strengthen sales of distinctive devices and original products that meet our customers' needs. Efforts include reinforcing the lineup of smartphones equipped with IGZO LCDs, enhancing sales of solar cells primarily for the booming market in Japan, and increasing sales of small- and medium-size LCDs and the high-performance camera modules for mobile devices.

Sharp have also taken various measures on a company-wide basis to improve our business foundations, including radical reductions in total costs and fixed costs centering on labor costs, as well as minimizing capital investment.

As a result, consolidated financial results for the six months recorded net sales of 1,342.0 billion yen, an in crease of 21.5% compared to the same period in the previous year, operating income of 33.8 billion yen, and net loss of 4.3 billion yen.

Consolidated financial results for the three months ended September 30, 2013, recorded net sales of 734.1 billion yen, up 13.7% compared to the same period in the previous year, operating income of 30.8 billion yen, and net income of 13.6 billion yen, achieving a surplus both at the operating and the net level.

Sharp secured the continuous support of the financial institution to extend the syndicated loan facilities of 360.0 billion yen and to provide an additional borrowing facility of 150.0 billion yen, and the 20th unsecured convertible bonds with subscription rights to shares due in September 2013 has been redeemed.

In addition, Sharp Corporation passed a resolution at its board of directors meeting held on September 18, 2013, on new shares issuance through a public offering, and a secondary offering due to over-allotment that enables Sharp to secure funds for strategic investment to accomplish the Medium-Term Management Plan and strengthen its financial foundation. The payment of 109.0 billion yen in total for the new shares issuance through a public offering was completed on October 15, 2013. The third-party allotment capital increase with Nomura Securities Co., Ltd. as the allottee to be undertaken in relation to the secondary offering due to over-allotment (payment date: November 12, 2013, the upper limit of total amount of proceeds: 11.2 billion yen) was resolved at the aforementioned board of directors meeting.