Japanese electronics giant Sharp Corp. revised its group net and operating losses to 130 billion yen (1.3 billion U.S. dollars) and 60 billion yen respectively on Wednesday.

It is the third downward revision of the earnings forecast for the fiscal year 2008, which ended March 31, comparing with the earlier projection of 100 billion yen and 30 billion yen respectively.

The projected losses also stand in stark contrast with a year-earlier net profit of 101.92 billion yen and operating profit of 183.69 billion yen and will mark its first group net and operating losses since fiscal 1977, when the consolidated results became available.

Sharp slashed its full-year earnings forecast in February and October after it was hit by the global economic recession. (One U.S. dollar is equivalent to 100 yen)