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Business

Sony profit plummets on strong yen

Japanese electronics giant Sony has reported a hefty drop in net profit for the last quarter as well as for the past six months. The company said a sharp rally in the yen was among the factors causing the decline.

Sony's bottom-line earnings fell by a staggering 86 percent in the last quarter from a year earlier, the company announced Tuesday. The Japanese electronics giant reported a 4.8-billion-yen ($45.8-million, 41.7-million-euro) net profit for the July to September period, down from 33.6 billion yen in the same quarter a year earlier.

The firm's sales dropped nearly 11 percent in the last quarter, Sony said in a statement, adding the strong yen kept hurting earnings of Japanese exporters.

In the April to September six-month period, the company logged a 78-percent decline in bottom-line earnings.

PlayStation 4 in high demand

Sony said it expected a larger loss than earlier anticipated in connection with the planned sale of its battery business to Murata, involving transferring all of the company's battery-related manufacturing based in China and Singapore plus sales and R&D assets and staff assigned to its battery business in Japan.

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The electronics firm has been shedding assets as part of a broader restructuring effort, including its Vaio personal computer unit.

Sony's TV division has lost money for years, and its smartphone offerings have suffered amid intense competition from Apple and Samsung.

By contrast, sales of Sony's PlayStation 4 video game console have performed well, and the movie division has received a boost from "Ghostbusters," Sausage Party," and "Don't Breathe."

hg/jd (AP, AFP)

 

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