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Sony forecasts fall in FY results on earthquake impact
2016-05-24 13:23:00| Telecompaper Headlines
(Telecompaper) Sony has warned for lower sales in the current fiscal year to March 2017, hurt by the impact of an earthquake in Japan on its components business and negative currency effects. The company delayed issuing an annual forecast when it presented its last annual results in April, as it evaluated the impact of the earthquake and the disruption to activities at its main centre for producing image sensors. It now expects annual sales will fall to JPY 7.80 trillion from JPY 8.11 trillion last year, due to lower components sales and weaker revenues from mobile phones, consumer electronics and its music business. Growth in Playstation and restructuring of the mobile business is expected to lead to a slightly increase in operating profit this year, to JPY 300 billion from JPY 294 billion last year. This includes an expected negative impact of JPY 115 billion from the earthquake on operating profit. Net profit will still fall to an estimated JPY 80 billion from JPY 148 billion last year due to higher taxes and the absence of one-time divestment gaines.
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Category:Telecommunications