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Sony chops yearly profit forecast

Electronics bad, PS2 sales ramping up

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Sony has cut its profit forecast for the year after reporting lean times in the electronics business in Q1.

The Japanese giant recorded a net loss of 30.1 billion yen ($244m million) for the three months ended June 30. This compared to a loss of 92 billion yen for the same period the previous year.

Sales grew 4.4 per cent to 1.6 trillion yen.

Sony was affected by lower than expected sales in its electronics division, along with a mobile phone handset recall during the quarter.

Its electronics business recorded an operating loss of 807 million yen, compared to an operating profit of 53.6 billion yen a year ago.

Its games division saw operating losses drop to 3.26 billion yen from 18 billion yen. Meanwhile, worldwide shipments of PlayStation 2 rose to 4.3 million from 1.1 million units.

The company also warned of tougher times ahead in the electronics business due to oversupply, slumping demand and falling prices.

It sharply chopped it profit forecasts for the full financial year - it now expects net profit of 90 billion yen, compared with its earlier forecast of 150 billion yen.

Sales for the year ending March 2002 are expected to hit 7.7 trillion yen. ®

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Sony statement

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