Quake costs hit Sony's profits
Posted On: May. 25, 2016 12:00 AM CSTJapan-based Sony Corp. has forecast its net income for fiscal year ending March 31, 2017, to decline 46% to 80 billion Japanese yen ($732 million), missing analysts' projections of JPY 196 billion, Bloomberg reported.
Costs related to repair of factory damaged in Kyushu earthquake, slowing demand for smartphone components and lower sales resulted in the company projection missing analysts' expectations.
Sony expects operating profit to total JPY 300 billion, missing analysts' expectations of JPY 400 billion.
Revenue is expected to fall 3.8% to JPY 7.8 trillion, compared with analysts' projections of JPY 7.94 trillion.