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  HOME | Business & Economy (Click here for more)

Sony’s First Quarter Net Profit Down 32.8%

TOKYO – Sony Corporation said on Tuesday that it had made a net profit of 152.12 billion yen ($1.4 billion) in the first quarter of the 2019 financial year, a sharp 32.8 percent decline compared to the same period last year.

The electronics multinational conglomerate announcing its results for the quarter ending June 30 said that its operating profit from April 1 stood at 230.93 billion yen – an 18.4 percent increase with respect to the first quarter of 2018.

The Japanese corporation’s income declined 1.4 percent between April and June of 2019 to stand at 1.92 trillion yen.

Electronics generated the maximum profit, despite a 14.8 percent decrease in sales and an operating revenue to 483.92 billion yen.

Sony’s game and network services also posted a quarterly decline of 3.1 percent to 457.46 billion yen but still continued to lead in terms of operating income by sector with 73.80 billion yen, 11.6 percent less than the first quarter of the 2018 financial year.

In its forecast for the 2019 fiscal year, which will end on March 31, 2020, Sony estimates that its sales will reduce 0.8 percent with respect to the previous fiscal year, to around 8.6 trillion yen, a downward revision of 2.3 percent from the annual sales forecast it had made in April.

Sony also estimates that its net annual income will be 500 billion yen.

 

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