{"id":469594,"date":"2011-07-28T08:26:35","date_gmt":"2011-07-28T08:26:35","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/07\/28\/sony-swings-to-loss-after-quake\/"},"modified":"2011-07-28T08:26:35","modified_gmt":"2011-07-28T08:26:35","slug":"sony-swings-to-loss-after-quake","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/07\/28\/sony-swings-to-loss-after-quake\/","title":{"rendered":"Sony swings to loss after quake"},"content":{"rendered":"

28 July 2011<\/span> Last updated at<\/span> 04:26 ET<\/span><\/span><\/p>\n

Japanese electronics maker Sony swung to loss in the April-to-June period after the earthquake and tsunami hit production at its factories.<\/p>\n

The company reported a net loss of 15.5bn yen ($199m; \u00a3122m) for the quarter.<\/p>\n

That is down from a 25.7bn yen profit during the same period last year.<\/p>\n

Sony also cut its forecast for full year earnings by 25% to 60bn yen, from the original projection of a 80bn yen profit.<\/p>\n

The company said<\/a> sales and profit “were mainly affected by the negative impact of the Great East Japan Earthquake as well as the deterioration of the electronics business environment, and unfavourable exchange rates”.<\/p>\n

Switched off?<\/span><\/p>\n

The electronics giant reported sales of 732bn yen during the first quarter, a 17.9% decline from the same period a year earlier.<\/p>\n

Continue reading the main story<\/a><\/p>\n

\u201cStart Quote<\/span><\/h2>\n
\n

They are facing a lot of competition and also the strong currency\u201d<\/p>\n<\/blockquote>\n

End Quote<\/span> Yoji Takeda<\/span> RBC Asia Equity Fund<\/span><\/div>\n

The company said various factors had contributed to the drop, not least the falling prices of Liquid Crystal Display (LCD) TVs.<\/p>\n

Sony also warned that as economic woes in its key markets continued, it expected TV sales to fall even further.<\/p>\n

“LCD TV unit sales for the fiscal year are anticipated to be below expectations,” it said.<\/p>\n

However, analysts said that while demand from key markets had been falling, increased competition was also hurting the company.<\/p>\n

“They are facing a lot of competition and also the strong currency. Competition is [increasing] globally,” said Yoji Takeda of RBC Asia Equity Fund.<\/p>\n

Mt Takeda added that for Sony to recapture its market share, it would have to come up a range of more competitive products.<\/p>\n

“The TV market is a very tough market because nobody is really making money and there is a lot of capacity available right now.” he said.<\/p>\n<\/div>\n<\/p>\n

View original post here:
\nSony swings to loss after quake<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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