Sony warns of worse-than-forecast losses

Sony warns of worse-than-forecast losses

PanARMENIAN.Net - Sony Corporation warned of worse than forecast losses for the financial year to March 2014, Variety reported.

The profit warning and revised forecast came only three months after its February guidance and two weeks ahead of the formal results announcement for 2013-14.

The company said that it had lost Y130 billion ($1.27 billion), compared with a previous forecast of Y110 billion ($1.08 billion). In the previous year to March 2013 it ground out profits of Y43 billion (430 million).

Sony said that it was booking an additional Y30 billion of expenses to exit the PC manufacturing business. It is also taking a Y25 billion impairment charge mainly related to its overseas disc manufacturing business, which is being hit by decreased demand for physical media.

The steeper than previously forecast losses came despite a 1% upward revision to sales and operating revenue. Sony said that sales totalled Y7.77 trillion ($75.9 billion), a 14% improvement on the previous financial year.

Detailed results for the year will be unveiled on May 14.

 Top stories
Messenger is being upgraded to allow users to share photos, audio clips, videos, animated snippets and other digital content.
The government argues that the new law is necessary in part to give a legal framework to intelligence work in France.
“This year we mark the 100th anniversary of the Armenian Genocide, Turkey’s attempt to annihilate the Armenian people,” Partamian said.
The new guide will replace the old one on the firm's website, and will be sent to users who complain about others' posts.
Partner news