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July 31, 2009

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Home » Business » IT

Sony posts US$390.5m loss, sticks to forecast

SONY Corp, maker of the hit PlayStation game console, reported a smaller-than-expected quarterly loss but maintained its forecast for more red ink as the company takes a beating from the strong yen and slumping global electronics sales.

The Japanese electronics and entertainment company said yesterday its net loss for the fiscal first quarter was 37.1 billion yen (US$390.5 million) compared with a 35 billion yen profit in the April-June period a year earlier. Quarterly sales dropped 19.2 percent to 1.56 trillion yen.

The results were better than expected because of successful cost cuts, an easing of the yen's appreciation and some recovery on the Tokyo stock market, according to Sony, which has music and movie divisions. Analysts surveyed by Thomson Reuters were forecasting a 109 billion yen loss.

Tokyo-based Sony stayed cautious and kept its forecast for the fiscal year through March 2010 unchanged at a 120 billion yen loss, citing market uncertainties.

For the quarter through June 30, Sony continued to lose money in its core businesses, including consumer electronics and video games.

In a plus for the future, Sony said it had finalized a deal with Japanese rival Sharp Corp on a joint venture to produce and sell large-size liquid crystal display panels for TVs.



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