Sony's net profit down 72 percent in second quarter

Wednesday, 29 October 2008, 07:00 Hrs
Printer Print Email Email
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
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..