Tokyo - Sharp Corp incurred a net loss for fiscal 2008 after the company introduced inventory control, cost-reduction measures and structural reforms, it said Monday. The Japanese electronics company reported a net loss of 125.82 billion yen (1.3 billion dollars) the fiscal year that ended March 31, a reversal from the profit of 101.92 billion yen the previous fiscal year.

It also incurred operating losses of 55.48 billion yen, compared to operating profits of 183.69 billion yen the year before. Sales fell 16.7 per cent to 2.85 trillion yen.

The firm attributed its losses to the yen's surge and harsher price competition, as well as to declining consumption.

For the current fiscal year, Sharp projected a net profit of 3 billion yen, operating profit of 50 billion yen and sales of 2.75 trillion yen.(dpa)