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Sony set to post its first loss since 1995
Source: Agencies |
January 14, 2009, Wednesday
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Print Edition
Print Edition
SONY will post a 100-billion-yen (US$1.1 billion) operating loss in the fiscal year to the end of March, its first since 1995, according to media reports yesterday.
The electronics giant has seen sales of its liquid crystal display screens and other products fall, and its bottom line has been hurt by the strong yen, which cuts profits on goods sold abroad, the Nikkei business newspaper and broadcaster NHK reported.
The losses are coming from the company's core electronics division, which has long been a steady source of profits, the reports said. The Nikkei said Sony's operating loss could be as much as 200 billion yen.
In October, the company revised its operating profit forecast to 200 billion yen, 57 percent lower than its earlier target of 470 billion yen.
Last month, Sony said it was to implement major cost-cutting to ride out the economic downturn, including cutting 4 percent of its workforce.
The electronics giant has seen sales of its liquid crystal display screens and other products fall, and its bottom line has been hurt by the strong yen, which cuts profits on goods sold abroad, the Nikkei business newspaper and broadcaster NHK reported.
The losses are coming from the company's core electronics division, which has long been a steady source of profits, the reports said. The Nikkei said Sony's operating loss could be as much as 200 billion yen.
In October, the company revised its operating profit forecast to 200 billion yen, 57 percent lower than its earlier target of 470 billion yen.
Last month, Sony said it was to implement major cost-cutting to ride out the economic downturn, including cutting 4 percent of its workforce.
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