Sony likely to miss profit target: Report
Japan's Sony Corp is likely to miss its annual profit target due to a stronger yen and weak financial markets, but still post a surge in earnings on brisk sales of electronic goods, a report said on Friday.
By Agencies |
TOKYO: Japan's Sony Corp is likely to miss its annual profit target due to a stronger yen and weak financial markets, but still post a surge in earnings on brisk sales of electronic goods, a report said on Friday.
For the financial year which ended in March, the company will report an operating profit of around 380 billion yen (3.63 billion dollars), up 430 per cent from a year ago, the Nikkei business daily said.
The figure is about 30 billion yen smaller than Sony's forecast issued in January, noted the paper, which did not say where it obtained the information.
Investors appeared unfazed, with Sony shares gaining 150 yen or 3.14 percent to 4,930 in morning trade on the Tokyo Stock Exchange as the headline Nikkei-225 index rose 1.8 percent.
Sony enjoyed strong sales of digital cameras, while efforts to focus on core products such as Bravia televisions and the PlayStation 3 video game console paid off, the Nikkei said.
But the high yen curbed revenues from the United States while subsidiary Sony Life Insurance Co was hit by weak stock markets, it added.
Sony said in January it expected annual sales of 8.98 trillion yen, operating profit of 410 billion yen and net profit of 340 billion yen.
For the financial year which ended in March, the company will report an operating profit of around 380 billion yen (3.63 billion dollars), up 430 per cent from a year ago, the Nikkei business daily said.
The figure is about 30 billion yen smaller than Sony's forecast issued in January, noted the paper, which did not say where it obtained the information.
Investors appeared unfazed, with Sony shares gaining 150 yen or 3.14 percent to 4,930 in morning trade on the Tokyo Stock Exchange as the headline Nikkei-225 index rose 1.8 percent.
Sony enjoyed strong sales of digital cameras, while efforts to focus on core products such as Bravia televisions and the PlayStation 3 video game console paid off, the Nikkei said.
But the high yen curbed revenues from the United States while subsidiary Sony Life Insurance Co was hit by weak stock markets, it added.
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Sony said in January it expected annual sales of 8.98 trillion yen, operating profit of 410 billion yen and net profit of 340 billion yen.
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