Arab Today, arab today sony slashes annual profit forecast by 40
Last Updated : GMT 16:00:24
Arab Today, arab today
Arab Today, arab today

Panasonic turned in strong earnings

Sony slashes annual profit forecast by 40%

Arab Today, arab today

Arab Today, arab today Sony slashes annual profit forecast by 40%

Sony president Kazuo Hirai
Tokyo - Arab Today

Sony president Kazuo Hirai Japan's top electronics firms on Thursday reported mixed earnings, with Sony slashing its full-year profit outlook while hard-hit Panasonic turned in strong earnings and boosted its annual forecast. The firms have undergone painful restructuring to stem years of losses as they struggle to keep up in the low-margin television business, while rivals including Apple and South Korea's Samsung surge ahead in the lucrative smartphone sector.
Once world-beating Sony booked a net loss of 15.8 billion yen ($160 million) in April-September and cut its forecast for the whole year to March by 40 percent, blaming dwindling sales of digital cameras, personal computers and televisions.
However, that was still an improvement on the 40.1 billion yen loss in the same period last year.
The country's digital camera makers have suffered as consumers increasingly turn to smartphones to snap pictures, while Sony also said its film business turned in a weaker-than-expected performance.
Company chief Kazuo Hirai has shrugged off pleas to abandon the television unit altogether, while the firm has also turned down a call by a US hedge fund boss to spin off 20 percent of its entertainment arm to boost profits.
In an interview with foreign media this month, Hirai reaffirmed his plan to keep the entertainment business within the vast conglomerate, calling it "a very vital and important part of Sony Group's overall strategy".
"It is one of the key pillars of our future growth," he added.
The company is banking on strong holiday sales of its PlayStation 4 games console as rivals Nintendo and Microsoft also jockey for control of a sector worth $44 billion annually.
Panasonic, however, said dramatic corporate overhauls and a sharply weaker yen -- which makes exporters' goods cheaper overseas -- were key factors in helping it crawl back from the abyss after several quarters of swingeing losses.
The firm said it had swung back to profit for the six months to September and doubled its full-year forecast -- after combined losses topping $15 billion in the past two fiscal years.
The company said it earned a 169.3 billion yen ($1.72 billion) net profit in April-September, reversing a net loss of 685.2 billion yen a year earlier. It also said it was on track to earn a 100 billion yen net profit in the year to March.
However, Koki Shiraishi, analyst at SMBC Nikko Securities in Tokyo, warned: "The impact of a weak yen will start disappearing in the second half of the fiscal year, which will cut their profit."
He added: "There are still tough times ahead for Japanese electronics makers."
Panasonic has also said it would abandon the consumer smartphone market as it struggles with the tough competition. Its announcement came a day after rival NEC said Wednesday it had slipped into a loss tied to its own exit from the business.
In a separate statement Thursday, Panasonic confirmed it would stop production of plasma television screens over the next few months, in line with a broader industry shift away from plasma units. Hitachi and Pioneer also exited the market in recent years.
It also said it was buying a 90 percent stake in Turkish electrical firm Viko Elektrik for about $460 million.
Sharp, meanwhile, said Thursday its first-half net loss shrank dramatically to $44 million, crediting the improvement to strong demand for its liquid crystal display panels used in smartphones and tablet computers as well as solar panels.
It also said it had benefited from cutting labour and other fixed costs while reining in capital spending.
Last year the maker of Aquos-brand electronics warned it may go out of business as it scrambled to secure bank loans while offering its Osaka headquarters as collateral.
Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sony slashes annual profit forecast by 40 Arab Today, arab today sony slashes annual profit forecast by 40

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank

GMT 18:23 2017 Sunday ,19 February

Darwesh vows to provide job opportunities for youth

GMT 12:10 2017 Sunday ,19 February

Welcomes the F&B solution of the future

GMT 10:06 2017 Friday ,17 February

South Korea's Hanjin Shipping declared bankrupt

GMT 09:26 2017 Friday ,17 February

Samsung's history tainted by run-ins with the law

GMT 09:20 2017 Friday ,17 February

Samsung heir arrested in corruption probe

GMT 10:26 2017 Thursday ,16 February

Dollar, equities stutter in Asia after Trump rally
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday