Business News
Sony books net loss of 15.5 billion yen
Jul 28, 2011, 7:03 GMT
Tokyo - Sony Corp posted a net loss of 15.5 billion yen (199 million dollars) in the April-June quarter as its sales were hurt by a stronger yen and the damage from the March 11 earthquake and tsunami that struck north-eastern Japan, the company said Thursday.
The maker of PlayStation gaming consoles said its sales for the quarter dropped 10 per cent to 1.49 trillion yen while its operating profit fell 59 per cent to 27.5 billion yen.
The yen's strength makes Japanese goods more expensive overseas and erodes repatriated earnings.
Many manufacturers were forced to suspend production in the aftermath of the March disaster, which destroyed production facilities and disrupted supply chains, including Sony's.
Sony revised down its net profit forecast to 60 billion yen for the financial year ending in March 2012 from its earlier estimate of 80 billion yen. The company also cut its projection for sales to 7.2 trillion yen for the year from 7.5 trillion yen.
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