The Japanese electronics manufacturer Sharp Corp. posted its first yearly loss on Monday, in sixty years at an annual net loss of 125.8 billion yen ($1.3 billion) as sales collapse and global demand for gadgets evaporates.

The reported loss was worse than the forecasted 100 billion yen loss that it had projected in February, as well as a huge shift from its year earlier profit of 101.9 billion yen.

The company blamed the poor performance on weak sales, a stronger yen, severe price competition, restructuring costs and losses on investments.

Sharp stated a cut in its workforce of 1,500 employees in Japan by the end of March, and company directors were to forgo bonus pay in June as well as accept pay cuts of up to 50 per cent.

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