Sony Q1 profits slump 98%, electronics sales weak
2003-07-24 02:06:45 EST
TOKYO, July 24 (Reuters) - Consumer electronics giant Sony Corp said on Thursday group net profit tumbled 98 percent in the latest quarter, battered by slumping sales for its Trinitron televisions, audio systems and Vaio personal computers.
The world's largest consumer electronics maker said group net profit totalled 1.12 billion yen ($9.43 million) for the first fiscal quarter ended June 30. That compared with a year-ago group net profit of 57.18 billion yen.
The results came in well below expectations of seven industry analysts polled by Reuters journalists for a net profit of 6.2 billion yen on sales of 1.63 trillion yen.
Sony maintained its full-year consolidated earnings estimates for a net profit of 50 billion yen, and an operating profit of 130 billion yen on sales of 7.4 trillion yen.
The electronics to entertainment conglomerate stunned investors in April when it sank deep into the red for the fourth quarter and unveiled reforms that would eat into this year's profits in an effort to revamp its struggling electronics business. In the last three months, shares in Sony have recouped losses stemming from the earnings shock, which sent the price down almost 25 percent in two trading days.
Still, Sony shares are down one percent in the last three months, compared to a 44 percent gain for rival Matsushita Electric Industrial Co Ltd and a 38 percent rise for South Korea's Samsung Electronics Co Ltd during that period.
($1=118.75 Yen)
2003-07-24 02:06:45 EST
TOKYO, July 24 (Reuters) - Consumer electronics giant Sony Corp said on Thursday group net profit tumbled 98 percent in the latest quarter, battered by slumping sales for its Trinitron televisions, audio systems and Vaio personal computers.
The world's largest consumer electronics maker said group net profit totalled 1.12 billion yen ($9.43 million) for the first fiscal quarter ended June 30. That compared with a year-ago group net profit of 57.18 billion yen.
The results came in well below expectations of seven industry analysts polled by Reuters journalists for a net profit of 6.2 billion yen on sales of 1.63 trillion yen.
Sony maintained its full-year consolidated earnings estimates for a net profit of 50 billion yen, and an operating profit of 130 billion yen on sales of 7.4 trillion yen.
The electronics to entertainment conglomerate stunned investors in April when it sank deep into the red for the fourth quarter and unveiled reforms that would eat into this year's profits in an effort to revamp its struggling electronics business. In the last three months, shares in Sony have recouped losses stemming from the earnings shock, which sent the price down almost 25 percent in two trading days.
Still, Sony shares are down one percent in the last three months, compared to a 44 percent gain for rival Matsushita Electric Industrial Co Ltd and a 38 percent rise for South Korea's Samsung Electronics Co Ltd during that period.
($1=118.75 Yen)
