Sony Financials Hit Hard by Impact of Quake

July 28, 2011 World Screen
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TOKYO: Impacted by the Japanese earthquake, Sony took a loss in the first quarter of 15.5 billion yen ($199 million), compared to last year’s net profit of 25.7 billion yen for the same period.

Sales and operating revenue dropped 10 percent to 1.49 trillion yen from the 1.66 trillion reported in the year-ago period. Operating income was down 59 percent to 27.5 billion yen. Pre-tax income was down 70.7 percent to 23.1 billion yen.
 
Sony cut its full-year net profit forecast to 60 billion yen from the previously predicted 80 billion yen.
 
The electronics and entertainment giant blamed the impact of the March disasters, from which it suffered net charges of 700 million yen ($8 million) in repairs, cleaning costs, damages to buildings and assets and other expenses. Sony also cited a weaker electronics business environment. The consumer products and services division, which includes Sony’s Bravia LCD TV and Vaio laptop computer operations, posted an 18-percent drop in sales compared to the same period in 2010.
 


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