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Sony slides after double blow

13 April 2012

ELECTRONICS giant Sony's profits slid 26% to 92.6bn yen (£47.3m) as sales edged ahead just 0.7% for the quarter to December from the same period the year before.

Sony blamed the slide on a poor showing by its PlayStation 2 games console and slack box-office returns for its movies.

The company shocked the markets in the January-March quarter last year with a £550m loss. Today's results show that it still has more work to do in the sector.

Operating profit of 158.77bn yen in the most recent quarter was better than the 130.5bn yen consensus forecast but well short of the 199.5bn yen for the same period last year.

Analysts were heartened that Sony seems to have its stock problems under control with sales of its digital audio-video products such as DVD recorders and flat panel televisions, improving.

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Japanese Yen
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