Japanese electronics maker Sharp has reported a net loss of 260.8 billion yen, or 1.9 billion dollars, for the latest fiscal year. It was the company's first loss since fiscal 2016, when it was taken over by Taiwan's Hon Hai Precision Industry.

Sharp said on Thursday that sales for the year ending in March were up by 2 percent to 2.5 trillion yen, or 18.8 billion dollars.

But its operating loss was 25.7 billion yen or approximately 190 million dollars, due mainly to dismal performance by its display business. Soaring materials costs added to the woes.

Sharp's latest results were a reversal from a net profit of 73.9 billion yen, or about 547 million dollars, in fiscal 2021.
The company attributed the downturn to the display business, which lost 1.6 billion dollars amid a slump in global demand.

The company forecast a return to the black in the current fiscal year, with a net profit of 10 billion yen, or 74 million dollars. It plans to achieve this by overhauling its display business and making other reforms.