Sharp’s solar business posts US$69 million profit

Compares to US$69.4 million loss year-on-year.

Sharp Corporation’s solar business' return to profit in the fiscal first quarter of 2013 was boosted by demand for residential rooftop solar panels and for those in large-scale plants.

Sharp said sales doubled to US$847 million from US$421 million. It attributed the jump to growth in the domestic residential market and utility-scale projects.

Japan’s solar market is expanding after the country introduced an incentive program a year ago for clean energy to diversify its energy mix after the 2011 Fukushima crisis.

Sharp raised its profit outlook for the division to US$131 million for the year ending March 31 from US$60 million forecast in May. The sales outlook was raised to US$3.1 billion for 1,800 MW of solar products, compared with the earlier forecast of US$2.8 billion for 1,600 MW.