Euro zone adds barrier to Sony's revival hopes
TOKYO (REUTERS) - The debt crunch roiling Europe is adding to the obstacles Sony and its new boss Kazuo Hirai are trying to overcome in tackling the losses that have dogged Japan's iconic maker of consumer electronic gadgets.
Sony on Thursday reported an 77 per cent slide in first-quarter operating profit to 6.28 billion yen (S$100 million) from a year earlier, much deeper than the 36 per cent slide analysts had expected.
The company in the year ended March 31 had posted an operating loss of 67 billion yen and a record net loss of 455 billion yen.
Citing exchange rate moves and a weak global economy, Sony cut its forecast for operating profit in the full year to 130 billion from a previous forecast of 180 billion yen.