Sony's net profit down 72 percent in second quarter

Wednesday, 29 October 2008, 07:00 Hrs
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Tokyo: Sony saw its net profit plunge 71.8 percent in the second quarter as demand for consumer electronics slowed and the yen's value rose against other major currencies, the company said Wednesday.

The Japanese electronics company reported a net profit of 20.8 billion yen ($219.84 million) in the July-September quarter, compared to the second quarter profit of 73.7 billion yen last year.

Operating profit also tumbled 90.1 percent to 11 billion from 111.6 billion yen during the second quarter a year earlier, and sales dipped 0.5 percent to 2.07 trillion yen from 2.08 trillion yen, the company said.

For the first half of the business year, which starts in April, Sony saw its net profit tumble 60.2 percent year-on-year to 55.79 billion yen.

Operating profit also dropped 63.7 percent to 84.49 billion yen in the first six months, and sales slipped 0.2 percent to 4.05 trillion yen.

Last week, the company announced a downward revision of its full year earnings forecast with an expected net profit of 150 billion yen, operating profits of 200 billion yen and sales of 9.2 trillion yen
Source: IANS
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