Japan’s Sharp posts 37% decline in annual profits

Japan’s Sharp Corp, an Apple Inc supplier, reported a 37 percent decline in annual operating profits and refrained from releasing an earnings outlook for the current year because of uncertainty over the novel coronavirus impact, Reuters reported on Tuesday.

Sharp, which makes sensors, camera modules and screens for Apple’s iPhones, said operating profit came in at 52.7 billion yen ($491 million) for the year ended in March, falling for the second consecutive year.

The company, a unit of Taiwan’s Foxconn, flagged the weak annual profit earlier this month as the coronavirus outbreak disrupted its supply chains for display panels and other components.