Sony Corp incurs Q1 loss at $1.03 b

Sony Corp incurs Q1 loss at $1.03 b

Tokyo, DPA &NYT:

Sony reported 98.9 billion yen ($1.03 billion) in net loss for the fiscal 2008 year against a 369.4-billion-yen net profit the year before. The electronics giant incurred an operating loss of 227.8 billion yen for the business year that ended March 31, a turnaround from a profit of 475.3 billion yen the year before. The global downturn slashed demand for consumer electronics such as televisions and mobile phones. Sony was additionally battered as the yen strengthening against the dollar made its products less competitive in the company’s overseas export markets.

Sales were down 12.9 percent to 7.73 trillion yen. For the current fiscal year, Sony expected to narrow is operating loss to 110 billion yen but to expand net losses to 120 billion yen. Sales were to dip by 6 per cent to 7.3 trillion yen. Sony long gave up the lead in music players to Apple’s smash-hit iPod and is struggling to develop a serious competitor to the iPhone. In video game machines, Nintendo stumped Sony’s powerful PlayStation 3.

Howard Stringer, who took the helm at Sony four years ago, announced a bold management reshuffle in March that consolidated power at the top .

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