Sony revises downward earnings forecast for year amid slow economy
Tokyo - Sony Corp revised downward its expected earnings for the current fiscal year by 38 per cent on a strengthening yen and slowing demand for consumer electronics amid a sluggish global economy, the company said Thursday.
The second-largest maker of consumer electronics in the world now expected a net profit of 150 billion yen (1.51 billion dollars) for the year ending March 31, down from an initial projection of 240 billion yen announced in July.
Last year, Tokyo-based Sony made a net profit of 369.44 billion yen.
It also expected operating profit of 200 billion yen, down from an earlier projection of 470 billion yen.
Although Sony revised down its sales forecast to 9.2 trillion yen from 9 trillion yen, such a figure would represent an increase from last year's sales of 8.87 trillion yen.
Operating profits, a company's earnings minus interest payments and taxes, are seen as a measure of its earnings power from ongoing operations. (dpa)