[Above: Sharp Corp's former president Mikio Katayama during a news conference in Tokyo on June 3, 2011.]

TOKYO - Sharp Corp's new president Takashi Okuda pledged to revamp its business model in the wake of an expected record loss in the year ending on March 31.

Japan's leading fabricator of liquid crystal displays expects to post a 290 billion yen (S$4.4 billion) net loss for the year as it struggles in the face of a slump in LCD demand that forced it to cut output at its main plant in Sakai, western Japan.

It has trimmed its full-year forecast for LCD TV sales to 12.8 million from 13.5 million.