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Winnipeg Free Press - PRINT EDITION
More bad stats for Sony
Strong yen, weak TV, games sales cited
Koji Sasahara / THE ASSOCIATED PRESS ARCHIVES Sony has declined from its days as a consumer-technology titan. (CP)
TOKYO -- Sony's red ink worsened in the April-June quarter and it lowered its full-year earnings forecast as it battles a strong yen and declining sales of liquid-crystal display TVs and video game machines.
The Japanese electronics and entertainment company Thursday reported a quarterly loss of US$316 million compared with a $190-million loss a year earlier.
Sales edged up 1.4 per cent to $19.4 billion, helped by cameras, professional broadcasting products and mobile phones.
Tokyo-based Sony Corp. lowered its earnings forecast for the business year through March 2013 to a $256-million profit, down from $380 billion projected in May, citing uncertainty in foreign exchange rates and global demand.
The company said it was hurt in the April-June quarter by a strong yen, which erodes overseas earnings, and by declining sales of liquid-crystal display TVs and video game machines.
It also got hit by a $25-million additional income tax expense, had $14 million in restructuring charges for the quarter, and invested heavily in image sensor production.
Sony posted a $5.8-billion loss in its last business year. That was the fourth straight year of losses and the biggest loss in the 66-year history of the maker of PlayStation game machines, Spider-Man movies and the Walkman portable.
Once the stellar brand symbolizing Japan's technological prowess, Sony has lost its shine. It is getting beaten in TVs by South Korea's Samsung Electronics Co. and by Apple Inc. in mobile devices such as the iPhone and iPod.
Sony's troubles were exacerbated last year by factory and supplier damage in northeastern Japan from the March earthquake and tsunami.
-- The Associated Press
Republished from the Winnipeg Free Press print edition August 3, 2012 B11
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